The Bitcoin went up by early $2,000 from its lowest level during the day. This allowed the cryptocurrency to make up for some of its losses following a correction in January 2018.
The Bitcoin bounced back to around $7,900 after going down to $5,947 on Tuesday. The largest cryptocurrency based on market capitalization opened under $7,000 during that day. But, it was able to hit a high of $7,763 during trading. Monday saw the coin initially went down from that level on Monday.
Up until now, the Bitcoin has not yet made up a considerable portion of huge decline from its all-time high of over $19,000 in December of last year or the $17,000 of mid-January. But, the increase shows the overall market cap of the cryptocurrency, which increased nearly $100 billion within ten hours. The top 100 coins also saw increases following their decline over the past month.
Two other cryptocurrencies also experienced some movement in the market. The ether token of ethereum went up to $781 after going below $1,000 on February 1. The XRP of Ripple also rose to $0.76. The BItcoin is currently trading at the same levels as in November. During that time, it went past the $7,000 level.
On Tuesday, Jay Clayton, Securities Enforcement Commission chairman, and J. Christopher Giancarlo, Commodity Futures Trading Commission chairman, both said their respective agencies are closely monitoring cryptocurrencies. These officials discussed the efforts of their respective agencies in enforcing regulations to ensure the protection of investors. They added they are also keeping a close eye on the development of technology in a testimony before the banking committee of the US Senate.