Bitcoin retreated from session highs on Monday, but its post-China ban recovery remained on track as investors continued to pile into the popular digital currency in the wake of the recent slump which saw prices dip below $3,000.
On the U.S.-based Bitfinex exchange, it rose to $3978, up $311, or 8.48%. Bitcoin is about 30% below its recent peak of $4,969, boasting a market cap slightly above $60 billion.
Less than a week after Bitcoin suffered one its worst crashes in its nine-year history after Chinese authorities ordered all local cryptocurrency exchanges to cease trading, the popular cryptocurrency is well on its way to paring losses. The sharp recovery in Bitcoin comes as investors downplayed the fallout of the China "ban" on global Bitcoin trading activity. The Chinese Bitcoin exchange market only accounted for approximately 10-13% percent of global Bitcoin trading activity so far this year.
In the aftermath of the ban, Japan has become the largest Bitcoin exchange market with 50.75% of the global Bitcoin exchange market. Japan's role on the global Bitcoin stage could yet strengthen as OKCoin and Huobi, the two largest exchanges in China, were granted leeway to operate until October 30, as they have not been involved in any initial coin offerings (ICOs) in the past.
Bitcoin Cash rose 7.61% to $470.26, while Ethereum gained 12.69% to $289.21.