Bitcoin prices are back up to more than $11,600 today after South Korea’s finance regulator said the country would support “normal” cryptocurrency trading. That’s the highest it’s been since the country’s regulators said they would ban cryptocurrency traders from using anonymous bank accounts last month.
The price of the cryptocurrency is higher on South Korean exchanges, where a relatively large share of the world’s bitcoin trading volume occurs, driving overall prices up.
Today, bitcoin prices have risen 5 percent, and about 30 percent in the last seven days, according to data from digital currency publication CoinDesk.
Bitcoin prices had declined from their December peak of nearly $20,000 amid uncertainty about increased government regulation on cryptocurrencies. At the beginning of February, bitcoin went below a daily price of $7,000, the lowest it had been since November.
However, looking back to last February, the price of bitcoin has risen nearly 1,000 percent.
This article originally appeared on Recode.net.
Will you support Vox’s explanatory journalism?
Most news outlets make their money through advertising or subscriptions. But when it comes to what we’re trying to do at Vox, there are a couple of big issues with relying on ads and subscriptions to keep the lights on:
First, advertising dollars go up and down with the economy. We often only know a few months out what our advertising revenue will be, which makes it hard to plan ahead.
Second, we’re not in the subscriptions business. Vox is here to help everyone understand the complex issues shaping the world — not just the people who can afford to pay for a subscription. We believe that’s an important part of building a more equal society. And we can’t do that if we have a paywall.
So even though advertising is still our biggest source of revenue, we also seek grants and reader support. (And no matter how our work is funded, we have strict guidelines on editorial independence.)
If you also believe that everyone deserves access to trusted high-quality information, will you make a gift to Vox today? Any amount helps.
Yes, I'll give $5/month
Yes, I'll give $5/month
We accept credit card, Apple Pay, and
Google Pay. You can also contribute via
:format(webp)/cdn.vox-cdn.com/uploads/chorus_image/image/58759931/895638614.jpg.0.jpg)
