Bitcoin price recovers as buyers step in
Bitcoin attracted buyers after falling below the $30K level
Bitcoin bouncing back from dip below $30K level a 'strong indicator: Digital investment firm CEO
Greg King, Osprey Funds CEO, says he's used to volatility related to Bitcoin and argued that investing in cryptocurrencies is 'actually tech investing.'
Bitcoin's price has clawed its way back to around $33,000 per coin Wednesday, as tracked by Coindesk,
The cryptocurrency market is recovering from two days of losses as China stepped up its rhetoric on regulations around the asset class.
"We are focused on the medium to long-term so this volatility is something we are used to," said Greg King, Osprey Funds CEO during an appearance on Varney & Co.
Other proponents including Billionaire Mark Cuban continue to tout the benefits.
Bitcoin is "better than gold," Cuban tweeted on Monday evening. "No worries about storing it. Easy to transfer. Easy to trade. Easy to convert. Doesn't require an intermediary. Can be fractionalized."
Rivals including Ethereum, XRP, Dogecoin rose in tandem.
MARK CUBAN SAYS BITCOIN IS ‘BETTER THAN GOLD’
Bitcoin dipped below $30,000 after The People's Bank of China urged banks and other payment companies in the country on Monday to stop processing transactions in the digital currency space, sending the crypto market tumbling.
The latest crackdown came a month after Vice Premier Liu He promised to "prevent and control financial risks" to China's monetary system.
We will "focus on reducing credit risks, strengthen the supervision of platform enterprises' financial activities, crackdown on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field," he said, according to remarks reviewed by FOX Business.
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China's Banking Association also delivered a similar warning on digital currencies being subject to great volatility.
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