Bitcoin rebounds in search for a solid ground

Bitcoin prices rose on Tuesday's on spot trading to bounce back from its lowest in a week in yesterday's trading, making the first gain in three days, as the world's cryptocurrency is still looking for a solid ground to help it entering a rising market.

On the Bitstamp stock exchange, by 0850 GMT, Bitcoin traded around $3,725, up $27 or 0.7%, with an opening price of $3,698 with a high of $3,734 and a low of $3,690.

Yesterday,Bitcoin lost 2.4%, the second consecutive daily loss,, and reached a week low of $3,670 per unit, with renewed sales in the digital market, especially after Bloomberg reported that companies operating in the encryption industry Are still facing serious difficulties in opening bank accounts.

The market value of cryptocurrencies rose by about $ 1.5 billion to a total of $ 127.5 billion on Tuesday, with most of the major currencies rebounding in the market, when the value on Monday hit $125 billion, the lowest since February 18.

After Bitcoin failing to breach the psychological barrier at $ 4,000 for the third straight month in a negative sign that prices are hard to enter in a wave of continued recovery.

But some experts believe that the bottom of $ 3,000 in December may be enough for a recovery and a bullish market, but that needs more positive progress news, which improves investment demand levels and attracts new investors to the market.

This phase also requires establishing further regulatory and basic rules in the encryption industry, and the strengthening of control and protection systems, with the increasing interest of major financial institutions in the nascent industry.

In this context, JPMorgan's chief executive, Jimmy Demon, had previously ridiculed Bitcoin, wondering oddly about the core value of the currency and the intelligence of investors who bought the encrypted currency!

But ironically, today we find a different stand, Dimon's tone changed abruptly and he is now more optimistic about the future of the encryption industry and the technology of the Blockchain, this happend after JPMorgan launched JP Morgan Coin (JPM) on February 14.

Meanwhile, it is reported that the largest social network in the world, "Facebook" is currently building its own cryptocurrency for personal repayment, and it is also rumored that the currency may be a fixed currency instead of an encrypted one.