Bitcoin Recovers Above $14,000: Investors Find a Bottom

After South Korea moved to curb speculation for protecting retail customers on Friday, Bitcoin recovered above $14,000.

Bitcoin climbed as much as 8.3 per cent in Asian trading, before dropping back to trade 1.5 per cent higher at $14,150 at 11:03 a.m. in London, composite Bloomberg pricing showed.

On December 18 bitcoin  reached a record high of $19,511, when CME Group Inc introduced its futures contract. After it fell down about 27% in price. While bitcoin’s debut on regulated derivatives exchanges in Chicago was thought to have given it a new mainstream channel for investors to tap, so far trading volume has been limited.

Chris Gersch, the director of strategy at alternative investment management firm in Chicago said:

“Short-term support is about $13,500 — we’ve hit that the last couple of trading sessions. Ultimately I think it moves lower and tests last week’s lows around $12,400 in the futures contract.”

South Korean government is concerned  about a possible speculative bubble in the largest cryptocurrency, which has a 1,500 % rise in a year. The country is the global leader for demand in cryptocurrency.


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