© Reuters. Bitcoin turns lower after hitting highest level since January
Investing.com – The price of digital currency bitcoin slipped lower on Wednesday, a day after it tested the $12,000 mark as it continues to slowly recover from a sharp selloff at the start of the month.
was trading at $11,006 on the Bitfinex exchange by 07:17 AM ET (12:17 GMT), holding above an intra-day low of $10,680.
Prices hit a high of $11,776 on Tuesday, the most since January 29, closing in on the $12,000 level.
Bitcoin prices have been gradually climbing higher after falling to more than two month lows in early February amid a massive selloff triggered by fears over a regulatory crackdown, concerns over potential price manipulation in the market, and a hack on cryptocurrency exchange Coincheck in which over $500 million was stolen.
Despite the recovery, bitcoin’s price remains down around 20% for the year to date.
Fears over a heavy handed crackdown eased after South Korea’s market regulator indicated Tuesday that authorities might adopt a lighter regulatory approach towards the cryptocurrency industry.
It was welcome news for investors after the country’s justice minister warned in January that the government was considering shutting down local cryptocurrency exchanges, throwing the market into turmoil.
South Korea has become a hub for the cryptocurrency trade.
Other major cryptocurrencies traded lower, with , the world’s second largest cryptocurrency by market cap, down 5.8% to around $886.
The third largest cryptocurrency was down around 6% to $1.01.
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