Bitcoin Recovering Nicely in Here
$BTCUSD $BTC.X $ETH.X $XRP.X
Tuesday, Bitcoin posted a 3-week high up almost 100% from its low on the year, as its recovery continued after SKorea’s financial regulator eased its stance on cryptocurrencies, weeks after it considered shutting down digital currency exchanges.
Currently Bitcoin is trading at: 11,759.2354, +184.24, or +1.59%, as of 9:05p GMT, the market is open
Analysts cited SKorean news agency Yonhap, which reported Choe Heung-sik, governor of the Financial Supervisory Service, as saying that the government will support cryptocurrency trading if “normal transactions” are made.
Seoul previously said it was considering shutting down local cryptocurrency exchanges, which threw the market into turmoil and hammered Bitcoin prices. Officials later clarified an outright ban is only one of the steps being considered, and a final decision was yet to be made.
“Bitcoin’s price history suggests that months of consolidation are followed by weeks of rapid advancement,” said Canaccord Genuity in a research note.
“The safest way to benefit from potential bitcoin price appreciation is to buy and hold for the long term; trying to time it might be too difficult.”
Other digital currencies showed mixed results, diverging from Bitcoin for now.
Ethereum, the 2nd-largest by market value, was down 1.3% over the past 24 hours at $935.02
Ripple, the 3rd largest by market value, fell 1.6% to $1.13
Litecoin, the 5th largest cryptocurrency by market value, was 1 of the biggest gainers with a 9.3% rise at $246.03.
The currency jumped 10% after a “hard fork” resulted in the creation of a new cryptocurrency called litecoin cash.
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