Bitcoin Forum

 LONDON — The price of Bitcoin is surging on Monday after a week in which it lost more than $1,000 in value and dropped below $3,000 per coin for the first time in over a month.

Bitcoin collapsed spectacularly last week as news of a regulatory crackdown in China broke. The cryptocurrency dropped 16% against the dollar on Thursday after Chinese media reported that the country's regulators were moving closer to shutting down exchanges.

But Bitcoin is now surging again.  By 9.00 a.m. BST (4.00 a.m. ET), Bitcoin is up by more than 6% against the dollar — its key pairing in the currency markets — to trade at $3,950 per coin, just below the psychologically significant $4,000 mark, as the chart below illustrates:

http://i91.fastpic.ru/big/2017/0918/57/cc60619e2b6d813295f14b7922739c57.png

http://www.businessinsider.com/bitcoin-price-update-monday-september-18-2017-9

Just like the legendary phoenix who rises out of the dust, Bitcoin has proven itself to be resilient and even the news of China closing some of its doors to cryptocurrency is not enough to kill it. Right now, Bitcoin is attempting to clobber the $4,000 wall and if successful then the sight will be towards the $4,500 mark. It can be officially said that Bitcoin is now back towards surging value and in the face of many challenges Bitcoin is here to stay for good. Bitcoin is supposed to be a "disruptor" and that is not a walk-in-the-park kind of thing...we should be expecting great opposition and resentment from the people and the many institutions that can be affected.

I am then congratulating all the people who continually believe on Bitcoin and who never got tempted to be part of the FUD bandwagon when Bitcoin was almost down. We should go on and have faith on Bitcoin and really believe that there is an intrinsic value in here much, much, much more than what that tulip bulb bubble story was all about. We should never listen to people who are criticizing Bitcoin because many of them are not really expert in cryptocurrency.

For me and a lot of other holders it's nothing special - we don't let ourself get distracted from our end goal. Dump fests like we experienced in the last days shouldn't be seen as a negative event - it's an opportunity. If we look at how the market has gone up this year, it only makes sense to experience a decent sized correction, and the moment it would kick in was either at the time of reaching the $4000 level, or the $5000 level. It turned out to be the latter mentioned, and those who sold at near peak levels have made use of this correction to buy back their coins with a proper ~$1500 discount. I can understand that for newer people things are a bit different, but please, people should use common sense. If they seriously believe that this would harm Bitcoin and its market, they are involved in something they don't know anything about.

Having stepped over a course of 4 000 dollars and taking a serious step in restoring its maximum rate, bitcoin showed that it is able to develop without China. For bitcoin owners who did not flinch and did not sell their bitcoins in a panic at a low rate, this would be a good example of bitcoin survivability and evidence that the high volatility of crypto currency should be treated calmly.