Bitcoin, the biggest and most traded cryptocurrency, extends rebound from multi-week lows of $ 9,231 into a third straight session, although remains confined within a tight trading range, with the upside capped by the $ 12000 mark.
The crypto market eroded $ 200 billion of its value earlier this week, as the cryptocurrencies crashed across the board amid mounting fears of the regulatory clampdown in China and South Korea. Bitcoin lost 50% of its value from the record peaks of near $ 20000 levels.
However, the bulls managed to fight back control over the last few trading sessions, as industry experts believe the regulations are good for the crypto markets in the long-run while adding that the virtual currencies are here to stay.
According to Spencer Bogart, a partner and head of research at Blockchain Capital, many of the smaller digital currencies seem overpriced these days, which is "not a sign of a discerning market," Bitcoin has demonstrated its ability to survive upheaval. "There's a legion of people out there right now that see this as a great buying opportunity."
Meanwhile, the further recovery appears restricted amid fresh headlines on the cryptocurrencies regulation from China and the US. The Chinese central bank (PBOC) has asked the Chinese payment institutions stop providing services for the trading of virtual currencies.
US SEC: Bitcoin funds raise 'investor protection issues' - RTRS
Bitcoin was trading up 1% around $11,183, with other cryptocurrencies also showing similar trading patterns. Ethereum is up +2.88%, Ripple rallies 15% while Bitcoin cash trades modestly flat on the day, according to the CoinMarketCap data. Meanwhile, the cryptocurrency market cap is on a steady rise, now at $ 568.65 billion versus $ 544 billion seen yesterday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD remains below 1.0500, traders await release of key US economic indicators
EUR/USD maintains its position after the recent losses registered in the previous session, trading around 1.0480 during the Asian hours on Wednesday. Traders await the US Personal Consumption Expenditure (PCE) Price Index and quarterly Gross Domestic Product Annualized scheduled to be released later in the North American session.
GBP/USD strengthens above 1.2550 ahead of US PCE inflation data
The GBP/USD pair trades on a stronger note near 1.2570 on Wednesday during the early European session. The Pound Sterling (GBP) consolidates despite US President-elect Donald Trump announcing more tariff measures.
Gold price sticks to modest intraday gains, bulls seem cautious ahead of US PCE data
Gold price builds on the overnight bonce from the $2,600 neighborhood, or a one-week low and gains some follow-through positive traction for the second straight day on Wednesday.
Ripple's XRP sees decline as realized profits reach record levels
Ripple's XRP is down 6% on Tuesday following record profit-taking among investors as its percentage of total supply in profit reached very high levels in the past week.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.