Bitcoin appeared to find a bottom Friday, rebounding to $15,000 after moves by South Korea to curb speculation and protect retail customers took the cryptocurrency down more than 8 percent yesterday.
Bitcoin was up almost 8 percent to $15,032 as of 2:16 p.m. Hong Kong time, composite Bloomberg pricing showed. The digital currency has slumped about 23 percent from its record $19,511 reached on Dec. 18, when the CME Group Inc. introduced its futures contract. While bitcoin’s debut on regulated derivatives exchanges in Chicago was thought to have given it a new mainstream channel for investors to tap, so far trading volume has been limited.
The South Korean government has been among the loudest voices of concern about a possible speculative bubble in the largest cryptocurrency, which is still up about 1,500 percent for the year. The country is something of a bellwether for global demand, with South Koreans paying premiums about 20 percent over prevailing international rates as of Friday.