Ethereum founder warns about cryptocurrencies as bitcoin breaks $11,000 again

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(FinancialPress)  —  Bitcoin’s rebound continued on Monday as it recovered from the depths reached on February 6th, by closing at $11,000 – a massive recovery from the below-$6000 value it had reached at its lowest of 2018. Even so, Ethereum’s founder took the time to warn her that cryptocurrencies still “could drop to near-zero.”

At the time of this publication, Bitcoin sits steady at over $11,505 on Coindesk. Bitcoin returned to over $10,000 of value last Thursday. Factors to be considered for the rise are the fact that Bitcoin Investment Trust had a strong surge last week – as it grew in unison with Bitcoin and other recovering cryptos. Meanwhile, a CNBC investigation caused Riot Blockchain to lose considerable value.

After an all-time high of $20,000, Bitcoin drastically stumbled in December after regulators from major financial hubs, such as China and South Korea, began cracking down on the cryptocurrency market. Fast forward to today, and the latter is also a leading factor for the continuing rise in the digital currency‘s value, as enthusiastic trading occurs in the Asian country. The recovery began on February 6 after a Senate hearing in the US in which regulators warned about the cryptocurrency market, but did not signal that they would be aggressively pursuing regulation or restricting trading in any way.

The re-surge is condimented with comments from top cryptocurrency Ethereum, Vitalik Buterin, who said in a tweet that cryptocurrencies as a whole are a “new and hyper-volatile asset class“.

Ethereum, Ripple and Litecoin all closed with gains Monday.


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Ruben is a South American writer who focuses on the state of the cryptocurrency, cannabis and tech industries worldwide.

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