Bitcoin extended a rebound on Monday as the regulatory concerns that have plagued digital currencies this year showed signs of subsiding.
Bitcoin climbed 2.6 percent to $8,774 at 10:26 a.m. in London, bouncing back by almost 50 percent since dipping below $6,000 in intraday trading Feb. 6, according to composite Bloomberg pricing. Alternate coins Ripple, Ether and Litecoin advanced at least 3.5 percent.
After facing weeks of mounting negative headlines that had wiped out billions in value, cryptocurrencies won a reprieve of sorts as top U.S. regulators testifying before a Senate committee called for greater oversight without proposing industry-killing measures.
Thailand’s central bank was reported to be banning cryptocurrencies in some publications, but this has since been dismissed as inaccurate reporting, possibly due to a bad translation to English from the German original.