Bitcoin is back in the game after gaining $11,000 mark value over the weekend, proving its powerful lead over other cryptocurrencies.
Largest cryptocurrency extends rally after passing $11,000, this is amid the South Korea talks “active” on supporting its trading.
South Korean regulators has signaled they will actively support what they called “normal” cryptocurrency trading.
Choe Heungsik, governor of South Korea’s Financial Supervisory Service, told reporters he wants to see normalized trading of digital assets, and said the FSS is making efforts to do that.
With the recent development, Bitcoin rose 3.8 percent to $11,502 at 7:15 a.m. in New York, heading for a one-month high, according to prices compiled by Bloomberg.
The move takes Bitcoin to almost double its recent intraday low of $5,922 on Feb. 6, while rival coins also advanced, with Litecoin jumping 9.7 percent.
Based on the market performance index, cryptocurrencies had plunged across the board through much of January amid mounting concern regulators would crack down on the burgeoning industry, but they’ve found an apparent bottom after some well-received Senate testimony from U.S. officials and a more conciliatory tone in South Korea.
“South Korea did not ban Bitcoin,” said Arthur Hayes, Chief Executive Officer of BitMEX, a Seychelles-based peer-to-peer crypto-coin trading platform.
“We’ve now gone up almost double in the last few weeks, and I think a lot of this is people coming around to the fact that Bitcoin trading isn’t going anywhere,” Hayes added.
The move of SoKor is a pretty sounds good for Bitcoin, let’s just wait and see how it would take the latter’s fate in the world of cryptocurrency.