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Sigh of relief: Bitcoin is finally rising

Bitcoin is finally gaining some ground back after a two-day ..

Bitcoin is finally gaining some ground back after a two-day collapse which sliced tens of billions off of its market value.

The number one cryptocurrency was up 12.94 per cent at $11,652.80 today, according to Coinmarketcap, after slumping to below $10,000 yesterday, around half the value of its all-time high.

Other major cryptocurrencies were also in the green, including ethereum, which is back over $1,000, and Ripple, which was up to $1.51 from a low of below $1 yesterday.

Digital currencies were hit by concerns of a major regulatory crackdown in South Korea.

South Korean policymakers have today said they are considering shutting down domestic virtual currency exchanges, according to Reuters.

“[The government] is considering both shutting down all local virtual currency exchanges or just the ones who have been violating the law," said South Korea’s chief of the Financial Services Commission in response to questions in parliament.

It comes as regulators grapple with how to prevent cryptocurrencies from being used in money laundering and other crimes.

"A clampdown by regulators risks bringing the crypto party to a bloody end, but there’s no guarantee the South Korean and Chinese governments will follow through on threats to ban the practice. Expect further extreme volatility as crypto traders are kept guessing," said Lee Wild, head of equity strategy at Interactive Investor.

After yesterday's drop, analysts at CityIndex said it's now clear bitcoin's meteoric rise late last year was "speculative hot air", but prices could now begin to stabilise.

"Contrary to what the disbelievers say, the recent heavy falls do not necessarily mean the end for bitcoin. $10,000 continues to offer support to the currency for the time being.

"However, it is becoming more obvious that the recent burst higher at the end of last year was speculative hot air, the danger is that those who assumed that there was a quick buck to be made, will now be looking to sell out, which could add more selling pressure. This could then finally allow the price to stabilise to then grow at a more contained pace."

Read more: Bitcoin is a mere drop in the ocean of blockchain opportunities

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