Bitcoin had dropped to its lowest in the past two months and has not been seeing good time in 2018. But, things are improving for the Bitcoin as it showed a decent climb this Tuesday afternoon. The bounce back off the Bitcoin on Tuesday afternoon came as the U.S. stocks also saw a rise and a good bounce back from a damaging low in years.
The rise in the Bitcoin value could be attributed to the testimony of two Chairmen of the financial regulatory before the Senate Banking Committee. They said that they are looking to make efforts to regulate Bitcoin and cryptocurrency. They also sounded a word of caution about the technological innovation. They said that the consumers’ interests should be protected and there should not be a heavy crackdown on the technology.
The cryptocurrency showed a gain of 12 percent to $7,763 on Tuesday afternoon. It was trading near the $7,600 mark late in the afternoon. The Bitcoin has been seeing some rough weather at the markets. It had slid below the $6,000 mark to a new low since November 2013.
It was the turn for other popular cryptocurrencies like Ethereum to trade higher on Tuesday afternoon. The top gainer was the Neo currency that climbed more than 22 percent and stood at $101.