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

PUBLISHED : Tuesday, 13 February, 2018, 5:08am
UPDATED : Tuesday, 13 February, 2018, 7:06am

Bitcoin extended a rebound on Monday as the regulatory concerns that have plagued digital currencies this year showed signs of subsiding.

It climbed more than 2 per cent to $8,839 in New York, bouncing back by almost 50 per cent since dipping below US$6,000 in intraday trading on February 6, according to composite Bloomberg pricing. 

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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. 

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