Bitcoin Rebounds; Thailand Considers Digital Currency Exchange

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Bitcoin was higher on Tuesday, as cryptocurrencies recovered from last week’s lows.

Bitcoin was trading at $6,583.50 increasing 3.45% the Bitfinex exchange, as of 8:46 AM ET (12:46 GMT).

Cryptocurrencies overall were higher, with the coin market cap of total market capitalization at $270 billion at the time of writing compared to $250 billion on Monday.

Ethereum rose 4.44% to $471.17 on the Bitfinex exchange. Ripple, the third largest virtual currency, jumped 7.54% to $0.49625 while Litecoin was at $86.144, up 6.88%.

Still, bitcoin is down nearly 70% from its peak of almost $20,000 in December and more digital coins are becoming worthless. Digital coins had fallen in recent weeks amid increased concern over security and regulatory concerns.

Over 800 coins have died since initial coins offerings began. The new currencies are often created by startups who offer a new coin to investors. Companies have raised $11.9 billion through ICOs in 2018 so far, compared to $3.8 billion in 2017, according to CoinSchedule.

In other news, more than 3 million people could hold Bitcoin in China, despite a government ban on trading. The research from the International Monetary Institute at Renmin University in China found that investors are active in the cryptocurrency space and have found ways to bypass government regulation of the virtual coins.

In Thailand, the Association of Securities Companies is considering creating a digital currency exchange. The platform would be owned and operated by securities firms in the region, allowing companies to operate as broker-dealers and exchanges with a securities business license. In May the Thai government ruled cryptocurrencies were digital assets and any firm working with the alternative currency was require to file with the Thai Security and Exchange Commission.

Source: Investing.com

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