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Cryptocurrencies

Price for bitcoin moderately higher after recent decline

Monday 12 March 2018 | 01:39 PM CET

The price for bitcoin has risen modestly after recent decline changing hands at USD 9,541.65, up from USD 8,981.03.

Bitcoin dropped about 20% last week, with analysts blaming the selloff in part on regulatory worries, such as a warning on crypto-trading platforms from the Securities and Exchange Commission.

The People’s Bank of China also sounded downbeat on digital currencies last week. Zhou Xiaochuan, the central bank’s governor, said that Beijing does not recognize bitcoin and other virtual currencies as legitimate forms of payment.

On March 12, 2018, futures markets tracked spot prices higher. The Cboe Global Markets March contract XBTH8, +7.50% was recently up 5% to USD 9,600, while the CME Group March contract BTCH8, +8.93% gained 6% to USD 9,585.

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