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

Hong Kong: Bitcoin prices extended a rebound on Monday as the regulatory concerns that have plagued digital currencies this year showed signs of subsiding.

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

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. Bloomberg