Investing.com - The price of digital bitcoin rebounded on Monday, regaining the psychologically important $10,000 level after falling to its lowest level in two weeks the previous day, while other major cryptocurrencies were also higher.
Bitcoin was trading at $10,149 on the Bitfinex exchange by 08:19 AM ET (13:19 GMT), up around 6% for the day. Prices hit a low of $9284 on Sunday, the lowest level since Feb. 14.
The cryptocurrency rose above $11,700 for the first time since January early last week as prices recovered from Feb. 6 lows of around $6000, before a bearish trend resumed.
Bitcoin tumbled 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.
The price of bitcoin has roughly halved in value since it hit an all-time high of around $20,000 in December and it is down around 27% so far in 2018.
Other major cryptocurrencies also traded higher, with Ethereum, the world’s second largest cryptocurrency by market cap, climbing around 5% to $871.
The third largest cryptocurrency Ripple was up around 3% to $0.92.