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Bitcoin Regains Ground, But China Uncertainty Lingers

Published 12/09/2017, 10:38
Updated 12/09/2017, 10:42
© Reuters.  Bitcoin regains ground, but China uncertainty lingers

© Reuters. Bitcoin regains ground, but China uncertainty lingers

Investing.com - The price of the digital currency bitcoin was higher on Tuesday despite continuing uncertainty following media reports that China may be seeking to ban cryptocurrency trading on domestic exchanges.

On the U.S.-based Bitfinex exchange, Bitcoin touched a high of $4,378.4.00 and was at $4,290.3.00 by 05:25 AM ET (09:25 GMT) having opened at $4,198.90.

At current prices, bitcoin has a total market capitalization of around $70 billion.

Chinese financial publication Caixin reported Friday that the country’s authorities are planning to shut down domestic cryptocurrency exchanges.

Bitcoin prices fell to a low of $3,975.80 on Sunday from levels above $4,600.00 on Thursday ahead of the report, before climbing back above $4,000.00.

Reuters reported Monday that they were unable to confirm multiple reports that Beijing was planning to shut down commercial trading for virtual currencies.

The reports came after China last week announced a ban on ‘initial coin offerings,’ a kind of fundraising via virtual currencies in order to finance start-ups.

Regulators in China have been investigating the domestic market for bitcoin and other virtual currencies since January of this year.

The price of bitcoin offshoot Bitcoin Cash was also higher. It touched a high of $568.72 and was last at $567.5, having opened at $567.5.

Bitcoin cash has a total market cap of nearly $9 billion at current prices, making it the third most valuable cryptocurrency.

Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, was up 3.65% to $308.05.

To stay on top of the latest moves in the crypto-space, be sure to check out: https://www.investing.com/crypto/

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