Bitcoin staged a rally over the weekend to hit a one-month high despite experts warning of a potentially volatile upcoming event for the cryptocurrency.
The digital currency traded at $4,626.26 on Monday morning at 4 a.m. London time, its highest level since September 8, according to data from industry website CoinDesk. It was up over 5 percent from the start of trade on Saturday.
Bitcoin has had a rocky few weeks. It hit an all-time high on September 2 of $5,013.91, before declining sharply to below $3,000 in the next two weeks.
Investors were concerned about the sharp price rise of bitcoin but also some of the regulatory clampdowns by China. The world’s second-largest economy banned initial coin offerings (ICOs), which is a new way for cryptocurrency start-ups to raise funds by issuing digital tokens. The largest bitcoin exchanges in China have also shut down their operations there.
And at the same time, major business leaders have poured cold water over bitcoin. JPMorgan Chase CEO Jamie Dimon said bitcoin “is a fraud” last month.