An attendee displays casino gambling chips decorated with bitcoin logos at the CrytoSpace conference in Moscow, Russia. (Photographer: Andrey Rudakov/Bloomberg)

Bitcoin Closes in on $9,000 as Regulatory Fears Peter Out

(Bloomberg) -- Bitcoin extended a rebound on Monday as the regulatory concerns that have plagued digital currencies this year showed signs of subsiding.

Bitcoin climbed 2 percent to $8,720 as of 2:28 p.m. in New York, bouncing back by almost 50 percent since dipping below $6,000 in intraday trading Feb. 6, according to composite Bloomberg pricing. Alternate coins Ripple, Ether and Litecoin advanced at least 3.5 percent.

Bitcoin Closes in on $9,000 as Regulatory Fears Peter Out

After facing weeks of mounting negative headlines that had wiped out billions in value, cryptocurrencies won a reprieve of sorts as top U.S. regulators testifying before a Senate committee called for greater oversight without proposing industry-killing measures. That news gave enough positive momentum for traders to shrug off a cryptocurrency ban from Thailand’s central bank.

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