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