Bitcoin Extending Gains, Regulatory Fears Fade
Monday, Bitcoin extended gains, as the regulatory concerns that have plagued digital currencies this year showed signs of subsiding.
Currently, Bitcoin is trading at: 8,780.0049, +286.01, or +3.37%, as of 10:24p GMT, the market is open
The leading cryptocurrency has bounced by almost 50% since dipping below $6,000 in intraday trading on 6 February.
Alternate coins Ripple, Ether and Litecoin advanced at least 3.5 each.
After facing weeks of negative headlines that 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 last week.
Cryptocurrency markets were in the Red for most of last week due to a variety of developments that ranged from China intensifying its crackdown on cryptocurrencies to Congressional testimony by the heads of the SEC and CFTC.
That news gave enough positive momentum for traders to shrug off a cryptocurrency ban from Thailand’s central bank.