Bitcoin rebounds to $15 000 as investors find a bottom, for now

[ad_1]

New York – Bitcoin appeared to find a bottom on Friday, rebounding to $15 000 after moves by South Korea to

curb speculation and protect retail customers took the cryptocurrency down more than 8% on Thursday.

Bitcoin was up almost 8% to $15 032 as of 14:16 Hong Kong
time, composite Bloomberg pricing showed. The digital currency has
slumped about 23% from its record $19 511 reached on December 18,
when the CME Group introduced its futures contract.

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.

“Short-term support is about $13 500 – we’ve hit that the last
couple of trading sessions,” Chris Gersch, director of strategy at Bell
Curve Capital in Chicago, said on Bloomberg Television.

“Ultimately I
think it moves lower and tests last week’s lows around $12 400 in the
futures contract,” he said, referring to the CME’s version.

The South Korean government has been among the loudest voices of
concern about a possible speculative bubble in the largest
cryptocurrency, which is still up about 1 500% for the year.

Read Original Article