Daily Bitcoin: bottoming out and rising to maintain strength

Bitcoin prices traded at high levels in the Asian session on Monday (January 11 ), maintaining their strong trend after bottoming out and rebounding yesterday.

The quotes released by BITSTAMP show that Bitcoin/US dollar (XBT/USD) fell to a low below 442 yesterday and then continued to rebound to the 448 level. It further rebounded to the 450 level overnight and also traded at a high level around 450 in the Asian session of this trading day.

(Bitcoin/US dollar time-sharing chart Source: Bloomberg, FX168 Financial Network)

The quotes released by KRAKEN showed that Bitcoin/Euro (XBT/EUR) fell to a low of around 405 yesterday and then continued to rebound to the 410 level. It further rose to around 414 overnight and held the high of 414 in the Asian session of this trading day.

(Bitcoin/Euro time-sharing chart Source: Bloomberg, FX168 Financial Network)

The quotes published by Huobi.com show that Bitcoin/ RMB ( 6.5830 , -0.0090 , -0.14% ) fell to a low of 2885 yesterday and then rebounded, rising to around 2940 overnight. After further rebounding this trading day, it traded at a high of 2950.

(Bitcoin/RMB 30-minute chart Source: Huobi.com)

On the industry front, Bitcoin lending company Bitbond is exploring market opportunities in Portugal and Brazil as it looks to expand its user base in 2016.

Berlin-based Bitbond has raised €800,000 in two public funding rounds and is competing with startups such as BitLendingClub and BTCJam in the bitcoin P2P lending market.

The company has hired a new team member to help translate Bitbond’s website into Portuguese and assist in overcoming language and cultural barriers.

On the policy front, however, Brazil’s Congress is still debating regulation, while local universities are beginning to experiment with emerging technologies.

At 13:04 Beijing time on January 11, Bitcoin/USD was 450.38, Bitcoin/Euro was 414.01, and Bitcoin/RMB was 2950.00.