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.