CryptoWatch: Bitcoin stages rebound after S. Korea trading-ban scare

CryptoWatch: Bitcoin stages rebound after S. Korea trading-ban scare

Bitcoin stages rebound after S. Korea trading-ban scare

The No. 1 cryptocurrency was on the rebound on Friday, a day after bitcoin and other digital assets tumbled on reports that officials from South Korea, one of the largest crypto markets, were considering banning trading in virtual currencies.

However, the market for cyber assets, which saw a wide swath of virtual currencies turned sharply lower, seems to be taking the news with some skepticism. The total market value of cryptocurrencies is around $720 billion, compared with a low of $645 billion early Friday, according to data site CoinMarketCap.com.

The South Korean president’s office on Thursday may have helped to quell some panicked selling by saying that no decision had been made about closing local, virtual-currency exchanges. It is also unclear how quickly, if at all, Korea can shut down digital trading from a legal standpoint.

On Friday, the bitcoin spot price BTCUSD, +3.12% was at $14,000, up 5%, versus a low of $12,800 late Thursday, according to research site CoinDesk.com

In futures, the January bitcoin contract BTCF8, +2.73% on the CME Group rose 4% to $13,920, up $535. Bitcoin futures on Cboe Global Markets. XBTF8, +3.23% rose 4.6%, or $610, to $13,930.

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