Just a day after it hit a record low for the year, Bitcoin has rebounded to reclaim the $3,400 level. The currency gained 4.5 percent to trade at $3,432 just hours after it hit lows of $3,280 on some markets like Coinbase Pro and Bitstamp. At press time, Bitcoin had hit the all-important support level of $3,500 on some markets like HitBTC, Allcoin and Fatbtc. The other currencies had registered gains as well, with Ethereum gaining 6 percent to trade at $91 while its fork, Ethereum Classic, had recovered 7.7 percent to become the highest gainer in the top 20.
The turnaround comes after crypto research firm CryptoCompare released a report that indicated that Bithumb had been quite involved in the recent turbulent market. The report revealed that the South Korean exchange had been the largest Bitcoin market, eclipsing Binance despite having 90 percent lower number of traders and could have been a significant factor in the price movement in the last month.