Bitcoin closes in on US$9,000 as regulatory fears peter out

An electric board showing exchange rate between South Korean Won and bitcoin at a cryptocurrencies exchange in Seoul, South Korea December 13, 2017. — Reuters pic
An electric board showing exchange rate between South Korean Won and bitcoin at a cryptocurrencies exchange in Seoul, South Korea December 13, 2017. — Reuters pic

NEW YORK, Feb 13 — Bitcoin extended a rebound yesterday as the regulatory concerns that have plagued digital currencies this year showed signs of subsiding.

Bitcoin climbed 2 per cent to US$8,720 (RM34,464) as of 2.28pm in New York, bouncing back by almost 50 per cent since dipping below US$6,000 in intraday trading Feb 6, according to composite Bloomberg pricing. Alternate coins Ripple, Ether and Litecoin advanced at least 3.5 per cent.

After facing weeks of mounting negative headlines that had wiped out billions in value, cryptocurrencies won a reprieve of sorts as top US regulators testifying before a Senate committee called for greater oversight without proposing industry-killing measures.

That news gave enough positive momentum for traders to shrug off a cryptocurrency ban from Thailand’s central bank. — Bloomberg

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