Largest digital currency crossed February bottom on Sunday
Cryptocurrencies under scrutiny after South Korean hacks
Bitcoin traded above $6,000 Monday morning after dropping below that level for the first time since February over the weekend, with the digital currency heading for a second straight quarterly decline.
The cryptocurrency was trading at $6,148.22 at 2:23 p.m. in Hong Kong, up 1.3 percent from its Friday close, according to composite Bloomberg pricing. It slumped to as low as $5,780 on Sunday, breaching the previous 2018 nadir set in February, according to Bitstamp prices. Rival coins including Ripple, Ethereum and Litecoin continue to trade lower, the data show.
Bitcoin has tumbled more than 50 percent this year as regulators spanning the globe step up scrutiny of what some have criticized as a vehicle for fraud. A series of hacks, including a $500 million theft at a Japanese exchange in January and incidents in South Korea since then, have undermined confidence in the security of the digital currency.
Read more at Bloomberg.