Bitcoin appeared to find a bottom above $14,000 on Friday after moves by South Korea toand protect retail customers took the cryptocurrency down more than 8 percent yesterday.
Bitcoin was up about 6 percent at $14,800 as of 10:14 a.m. Hong Kong time, composite Bloomberg pricing showed. The digital currency has slumped about 24 percent from its record $19,511 reached on Dec. 18, when the CME Group Inc. introduced its futures contract. While bitcoin’s debut on regulated derivatives exchanges in Chicago was thought to have given it a new mainstream channel for investors to tap, so far trading volume has been limited.
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“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.”
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 1,400 percent for the year. The country is something of afor global demand, with South Koreans paying premiums above 20 percent over prevailing international rates as of Friday.
— With assistance by Shery Ahn, and Garfield Clinton Reynolds