Bitcoin rallies over 3% away from week lows

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Bitcoin rose over 3% on Thursday away from week lows hit recently on track for the second profit in three days, in another attempt to trade back above $4,000 as selling pressures subsidize.

At Bitstamp, Bitcoin rose $121, or 3.2% to $3,815, with an intraday high at $3,835, and the lowest since November 27 at $3,629.

Bitcoin lost 5.3% yesterday, the third loss in four days on weak investment demand and lack of incentives to buy despite current cheap prices.

Market value of cryptocurrencies rose over $2 billion on Thursday to a total of $123 billion.

Bitcoin tumbled 37% in November, the fourth monthly loss in a row, and the largest since March, marking 14-month lows at $3,474.

Tom Lee, a known Wall Street crypto analysts, put three reasons for the crash, the full split in Bitcoin Cash, the latest measures taken by the SEC, and the bearish global financial market overall.

In the US, Congressman Warren Davidson announced plans to introduce legislature to regulate cryptocurrencies and Initial Coin Offerings (ICO).

Davidson said the bill would introduce an “assert class” for cryptocurrencies in order to prevent them from being classified as securities.

It’s worth noting that the US Securities and Exchange Committee (SEC) treats most cryptocurrencies as securities, while the CFTC treats them as commodities.

Source: Economies.com

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