Bitcoin Price Rises After South Korea Announces Support For Cryptocurrency Transactions

The other popular cryptocurrencies followed a similar pattern, but their intraday performances were somewhat worse

Image Credits: Antana, Flickr.

UPDATE: 12:01 a.m. EST The gains made by cryptocurrencies Tuesday were all lost by the end of the day. The price of bitcoin fell by over 6 percent, ending Tuesday at about $10,750. Ethereum lost more than 8 percent, and was trading at about $871 at midnight, while Litecoin declined by over 9 percent, trading at about $219. Bitcoin cash was the biggest loser among the popular cryptocurrencies, falling by almost 11.5 percent to $1,355 at midnight.

Original story:

The price of bitcoin and other popular cryptocurrencies made further gains Tuesday, the rally driven in part by an announcement from South Korea that said the country would support “normal transactions” of virtual currencies. Bitcoin, the most well-known cryptocurrency, has gained about 20 percent in the last seven days.

During early Tuesday trade, bitcoin fell to a low of below $11,250, but gained over $500 in the next 12 hours, touching the day’s high point of $11,760 at about 4 p.m. EST. However, at about 8:30 p.m. EST, the price had fallen below $11,000, losing almost $900 to hit a low point of almost $10,860. By 10 p.m. EST, it was trading comfortably above $11,000 again, but still showing an intraday loss of about 3.2 percent.

Since the recovery began almost two weeks ago, there has been a sharp dip every day, likely a result of profit-booking by traders. But from the low of below $6,200 on Feb. 6, bitcoin came close to doubling in value Tuesday.

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