Bitcoin jumps back above $6,000 to give respite to investors !!!!

The bellwether of the cryptocurrency world rose 8 percent to $6,338.22 as of 5:30 p.m. in New York on Saturday, according to Bitstamp prices. The gain, which comes after the digital asset crashed through the $6,000 threshold last week for the first time since February, means the token has still lost about two-thirds of its value since reaching a record high of nearly $20,000 in December.

Saturday’s rise marks a pause from the jarring decline through most of 2018. It follows the increase of more than 1,400 percent last year as Bitcoin exploded onto the mainstream. The peer-to-peer currency developed after the 2008 global financial crisis traded at as little as 30 cents at the end of 2010.

Bitcoin was “very much” a bubble, Robert Shiller, the Nobel laureate economist whose warnings about dot-com mania proved prescient, said in an interview with Bloomberg Television’s Tom Keene on June 26. Last year’s surge was “not a rational response.”

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