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Abu Dhabi, UAESaturday 23 June 2018

Bitcoin bounces back above $8,000 after earlier fall

Cryptocurrency has rebounded after slump as investors reconsider the prospects of the digital currency and regulators around the world increase scrutiny

Bitcoin logo on an ATM in Hong Kong. Google has banned advertisements for cryptocurrencies such as Bitcoin, as well as related content like trading advice and cryptocurrency wallets. Kin Cheung/AP
Bitcoin logo on an ATM in Hong Kong. Google has banned advertisements for cryptocurrencies such as Bitcoin, as well as related content like trading advice and cryptocurrency wallets. Kin Cheung/AP

Bitcoin rebounded back above the $8,000 level in Asian trading, hours after dipping below that threshold for the second time in a week as Twitter joined other social media platforms in banning advertisements for initial coin offerings and token sales on its service.

The largest cryptocurrency rose as much as 4.8 per cent and was trading at $8,193 at 8:59am in Hong Kong, reversing an overnight decline that took Bitcoin down to about $7,850 according to consolidated Bloomberg pricing. Rival coins Ripple, Ether and Litecoin also advanced. Bitcoin remains down 22 per cent in March.

Cboe Global Markets, which was the first US exchange to list Bitcoin futures last year, continues plans to introduce more cryptocurrency-related products. The exchange operator prodded US securities regulators on Monday to consider approving crypto exchange-traded funds in a letter to the Securities and Exchange Commission.

Since Bitcoin reached a peak of almost $20,000 in mid-December at the height of the cryptocurrency frenzy, the digital currency has lost more than half of its value as investors weigh the future of the emerging space amid intensifying scrutiny from global regulators.

Twitter confirmed on Monday that it is banning the advertisements on its platform because of concerns the content is often related to deception and fraud, according to a company spokesman. The decision comes after Facebook banned cryptocurrency ads in January and Alphabet’s Google said it would do the same from June.

Bitcoin began the week on a down note, declining as much as 8.7 per cent, pushing the biggest cryptocurrency’s decline for March to about 25 per cent.

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Bitcoin has slumped about 60 per cent as investors reconsider the prospects of the digital currency and regulators around the world increase scrutiny.

The US Securities and Exchange Commission sent a number of subpoenas earlier this month to ICO teams it suspects are breaking securities regulations, and it has warned since July that some of the offerings may be breaking securities regulations. Twitter said on March 7 that it was implementing measures to prevent crypto scams.