Bitcoin has staged a strong recovery from the cryptocurrency market bloodbath witnessed over the past few days that was triggered by concerns over the possibility of stringent regulation in South Korea and China. The leading cryptocurrency moved above $11,000 Thursday morning amid a broad rebound in the market.
As of 3.02 am ET on Friday, Bitcoin was up 6.05 percent at $11,419.86 and Ethereum was higher by 7.77 percent at $1,033.00, on coinbase.
The cryptocurrency market volume was $577.24 billion versus $55.19 billion at the same time on Thursday, according to CoinMarketCap.
Here is a wrap up of the main cryptocurrency news over the past few hours:
1. South Korea Could Shutdown All Cryptocurrency Exchanges: Watchdog
Choi Jong-ku, chairman of South Korea's Financial Services Commission, told lawmakers on Thursday that the government is considering shutting down all cryptocurrency exchanges and not just those that violate law, the Yonhap news agency reported. The country will frame stringent law before it decides to shutdown these exchanges, the official added.
2. SEC Says Significant Investor Protection Issues Linked To Bitcoin ETFs
The Securities Exchange Commission has asked investment fund trade groups to address 'significant investor protection issues' linked to cryptocurrencies before exchange-traded-funds, that invest directly in bitcoin and its rivals or has significant exposure to them, can be launched. In a staff letter, the watchdog said, "In addition, the innovative nature of cryptocurrencies and related products, as well as their expected use and utility in our financial markets, means that they are, in many ways, unlike the types of investments that registered funds currently hold in substantial amounts."
3. Bitcoin Use Under Scanner In Indonesian Island, Bali
Indonesia's central bank, which issued a stern warning against the use of cryptocurrencies this month, have engaged a team to probe the trading in such currencies in the island of Bali, a popular tourist destination. The team includes central bank officials and members of the national police force, local media reported. Bank Indonesia has deemed cryptocurrency transactions "illegal".
4. NYSE Parent, Blockstream Partner To Launch Crypto Data Feed
Intercontinental Exchange, Inc., the parent company of the New York Stock Exchange, has partnered with Blockstream, which deals in blockchain technologies and financial cryptography, to launch the Cryptocurrency Data Feed. The feed will provide real-time cryptocurrency information and will initially include data from more than 15 cryptocurrency exchange venues globally.
5. LightInTheBox Establishes Blockchain Technology Research Lab
LightInTheBox Holding, a US-listed Chinese online retail firm, opened a blockchain technology research lab to develop blockchain technology platforms and applications. The company intends to explore the blockchain application in cross-border e-commerce transactions, Alan Guo, chairman and CEO, said.
6. Visa CEO Says Not To Process Cryotocurrency Transactions
Bitcoin is not real money, and Visa will not process any transactions that are cryptocurrency-based, the credit card giant's CEO Alfred Kelly told CNBC. Bitcoin is rather a speculative commodity to invest in, he said. Kelly added that he does not view bitcoin, the world's largest cryptocurrency, as a payment-system player.
7. Experts Say Bitcoin Bubble Is Bursting, Value To Fall Further
As Bitcoin suddenly reversed its path to downward from a peak, a leading team of economists predicted that the digital currency has all the hallmarks of a classic speculative bubble, and that it is bursting. The London-based independent economic research firm Capital Economics said that the most popular cryptocurrency, which lost half of its value within a month, has a lot further to fall yet.
8. Belarus Legalizes Cryptocurrency In A Special Economic Zone
Belarus has made cryptocurrency operations legal in a special economic zone in the country, which has a special tax and legal regime. A decree signed by President Alexander Lukashenko allows companies in the High Technology Park to use cryptocurrencies and tokens, offer services of crypto exchanges, and launch initial coin offerings to raise funds after March 28. The bill will make Belarus the first country in the world with comprehensive regulation of businesses on the basis of blockchain technology.
