Bitcoin rallied from three-month lows below $6,000 in choppy trading on Tuesday, but worries lingered about a global regulatory clampdown and moves by banks to ban buying bitcoin with credit cards.
On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920, its lowest since mid-November, before recovering to above $8,000 It hit a high of $8,150 and was last at $7,922.79 in late trading in New York, up nearly 15 per cent on the day.
“Crypto is alive and well,” said Matthew Roszak, co-founder and chairman of US blockchain technology company Bloq.
“This whole thing is a movie. It’s not a static feature. We will see continued investment, continued adoption, inspiring developers. This is the real thing.”
Bitcoin has slumped in recent sessions as a risk-off mood spread across financial markets. It has fallen about 70 per cent from its peak of almost $20,000 in December and was down more than 40 per cent so far this year.
The original cryptocurrency gained more than 1,300 per cent last year.
Other digital currencies also rose after posting steep losses the last few weeks. Ethereum, the second-largest by market value, was up 10.7 per cent over the past 24 hours at $791.33, while the third-largest, Ripple, edged up nearly 6 per cent at 76 US cents, according to cryptocurrency tracker coinmarketcap.
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The gains came amid a US Senate hearing on virtual currencies in which J Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC) and Jay Clayton, chairman at the Securities and Exchange Commission (SEC) testified. The Senate is examining the role of the SEC and CFTC in regulating virtual currencies.
After a huge run-up last year, in which investors across the world piled into the market, cryptocurrency prices have skidded lower while regulators have stepped up warnings about the risk of investing in them.
Regulatory clampdowns in South Korea and India and an advertising ban by Facebook have hit sentiment. Several banks said in recent days that they were banning customers from buying cryptocurrencies with credit cards.
Still, many cryptocurrency backers said regulation should be welcomed and short-term price volatility is to be expected for a new market.
“I think regulators need to learn how to interact with this technology and not stop this,” Mr Roszak said.
“Whenever you see a government banning cryptocurrencies, a bank banning, I think in many ways, that’s them pulling the handbrakes up to better understand how to interact this technology,” he added.
Iqbal Gandham, managing director at trading platform eToro said his company had seen a drop in trading interest from investors in recent weeks amid the sell-off, but that interest remained far higher than before the fourth quarter of last year.
The plunge has come during a heavy sell-off in global stock markets in recent days, undermining views that bitcoin’s price moves are generally uncorrelated to those of other asset classes.
The specs
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The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight Championship AJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
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Meydan race card
6.30pm: Maiden Dh 165,000 1,600m
7.05pm: Handicap Dh 185,000 2,000m
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8.50pm: Handicap Dh 175,000 1,600m
9.25pm: Handicap Dh 175,000 1,200m
10pm: Handicap Dh 165,000 1,600m
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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