Crypto Today: Bitcoin extends the rebound towards $ 17000

Bitcoin (BTC/USD), the world’s most traded digital currency, extends its rebound from almost 30% sell-off seen last week, as the bulls continue to ride higher on the bullish wave, despite warnings issued by the financial authorities about the risks of a bubble in the asset class.

The resurgence of demand around the cryptocurrencies so far this week, suggests that investors’ interest remains intact heading into the New Year.

Last week’s epic sell-off was mainly driven by profit-taking, as markets sought to clear out positions ahead of the yearly close. Meanwhile, Bitcoin experts believe last week’s decline in its value was a natural correction after a heady run-up in prices, as cited by Reuters. Bitcoin fell as much as 44% after reaching a record above $ 19,800 levels, marking its worst week since 2013.

At the time of writing, Bitcoin jumps nearly 13% to trade at 16,700 levels while its rival Ethereum followed suit, now up 1.23% at $ 784.57. Bitcoin cash is also up 1.73% at $ 3,053. Amongst the rest, Litecoin rises 1.90% to $ 287 and Ripple gains 10.32% to trade at $ 1.24.