Bitcoin appeared to bottom Friday, rebounding to $15,000 after moves by the South Korea to curb speculation and protect retail customers took the cryptocurrency down more than 8% yesterday.
Bitcoin was up almost 8%to $15,032 as of 2:16 p.m. Hong Kong time, composite Bloomberg pricing showed. The digital currency has find slumped about 23 % from its record $19,511 reached on Dec. 18, when the CME Group Inc. While bitcoin's debut on regulated derivatives exchanges in Chicago was thought to have given it a new mainstream channel for investors to tap, and 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 LP 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 per cent for the year. The country is something of a bellwether for global demand, with South Koreans paying premiums about 20 per cent over prevailing international rates as of Friday.
"Short-term support is about $13,500 -- we hit that the last couple of trading sessions," Chris Gersch, the director of strategy at Bell Curve Capital LP in Chicago, said on Bloomberg Television. "Ultimately I think it moves lower and tests last week's lows around the $12,400 in the futures contract," he said, referring to the CME's version.
And also 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 per cent for the year. country is something of a bellwether for global demand, with South Koreans paying premiums about 20 per cent over prevailing international rates as of Friday.