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Feb 12, 2018

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

FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration

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

Bitcoin climbed 2 percent to $8,720 as of 2:28 p.m. in New York, bouncing back by almost 50 percent since dipping below $6,000 in intraday trading Feb. 6, according to composite Bloomberg pricing. Alternate coins Ripple, Ether and Litecoin advanced at least 3.5 percent.

After facing weeks of mounting negative headlines that had wiped out billions in value, cryptocurrencies won a reprieve of sorts as top U.S. 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.

To contact the reporter on this story: Eric Lam in Hong Kong at elam87@bloomberg.net.

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Natasha Doff, Dave Liedtka

©2018 Bloomberg L.P.

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