Bitcoin ends sleepy streak as Trump’s action causes uncertainty

The price of popular digital currency bitcoin is up again after the U.S. markets dipped amid President Donald Trump’s recent executive decisions.

Bitcoin started the new year on a rather high note, reaching $1,140.64 in early January—its highest since November 2013. The dramatic rally, however, came to an abrupt end when the digital currency’s price plummeted to $885.41 following reports that the Chinese government is eyeing to introduce cryptocurrency regulations.

A lot of things happened since then: China’s central bank inspected three of the largest bitcoin exchanges in the country—BTC China, OKCoin and Huobi—which led to a discovery of “irregularities” in the operations that the government said caused bitcoin’s recent volatility. This, in turn, prompted the companies to overhaul their practices, which included introducing a 0.2 percent trading fee per transaction to all of their users. Since then, the market has returned to normalcy, and bitcoin’s price slowly recovered.

Now, that recovery appeared to be boosted further by the recent developments in the United States. Last Tuesday, bitcoin’s average price hit a high of $959.37 following news of Trump signing an executive order that bans citizens of seven countries from entering the U.S. over the weekend. Trump is also reportedly considering making changes in the H-1B visa regime, which caused the value of the U.S. dollar to drop.