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