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Bitcoin rises above $11000, first time since January

Bitcoin rises above $11000, first time since January

Joyce said that the government is now studying bitcoin and other cryptocurrencies and understanding "what the good ideas and bad ideas in that space are" and this means that the government isn't closer to regulations.

"We've now gone up nearly double in the last few weeks, and I think a lot of this is people coming around to the fact that Bitcoin trading isn't going anywhere".

While brief, the statements will be seen positively by South Korea's crypto community, as well as world markets, since the option to outright ban cryptocurrency exchanges had been considered by regulators as one way to calm the country's heated cryptocurrency market and counter money-laundering.

Yesterday, Bitcoin hit its highest price point of the year, surging to $11,700 before dropping by more than $1,000. At the time of writing, the total market cap is worth more than $501 billion.

Bitcoin fell from $20,000 in December to below $6,000 on February 4. The National Assembly of South Korea criticized him for this remark and he had to apologize.

A ranking official responsible for the South Korean crackdown on cryptocurrencies was found dead in his home in Seoul on Sunday. Several of Jung's colleagues have noted that the official was under heavy stress over recent months, referencing the high level of stress and pressure associated with his position.

In an interview with The Wall Street Journal on Monday, John Rainey, chief financial officer at PayPal, said he believes Bitcoin has a future as an option for payments.

While investing in Bitcoin or any other cryptocurrency does sound promising, however, these markets are highly unpredictable because of its volatile nature. Bitcoin peaked around $19,500 in mid-December - over $20,000 in early CME Bitcoin futures - then lost almost 70% of its value by early February as regulators around the world, especially South Korea and China, stepped up curbs on the newfangled assets.

The cryptomarket will likely take its cues from Bitcoin however, with Bitcoin dominance continuing to rise, now sitting at 39.2.

Bitcoin rose 3.8 per cent to US$11,502 in NY, heading for a one-month high.

At last count, there were about 1,400 cryptocurrencies that facilitate peer-to-peer transfers of data and value. More recent investors have suffered significant losses, at least on paper.

It may fit the description of newly minted companies with blockchain in their name but without any real underlying blockchain business plan, CNBC said.

Three years ago, Riot Blockchain was a biotech.

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