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Bitcoin recovers and passes $8,000 after its two-month low

By Ramla Soni

Despite losses posted on March 9, Bitcoin is up around 9 per cent year-to-date

Bitcoin has recovered, rising above $8,000 following its crash on Monday, March 9, when a plummet in oil prices saw the cryptocurrency fall to a two-month low of $7,625. The market capitalisation or entire value of cryptocurrencies was down $26.43bn from a day earlier, according to data from Coinmarketcap.com.

Bitcoin fell more than 10 per cent in 24 hours at around the same time.

This comes after international oil benchmark Brent crude futures plummeted 30 per cent to $31.02 per barrel, its lowest level since February 2016.

However, despite the losses posted on March 9, Bitcoin is up around 9 per cent year-to-date.

Ethereum dropped below the $200 handle to trade at $199.10 by press time. The second-largest digital asset with a current market value of $21.9bn, has lost more than 3 per cent amid the increased bearish momentum on the market. It currently trades around $203.

XRP/USD is consolidating above $0.20. The attempts to sustain gains above $0.21 have been interfered, forcing the Ripple price in the range between $0.20 and $0.21 with it currently at the $0.21 mark.

Ethereum Classic, the 18th-largest digital asset with a current market value of $783m, has lost more than 2 per cent in the past 24 hours and nearly 4 per cent since the beginning of the day to trade around $6.82

As of around GMT 15:30 Bitcoin is back trading just below the $8,000 mark at around $7,850.

FURTHER READING: Bitcoin surpasses $9,100

FURTHER READING: Bitcoin vs Ethereum

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