Investing.com - Bitcoin was trading at $11,500 on Monday, as investors shrugged off comments from Bank of England’s Mark Carney on the need to regulate cryptocurrencies.
Bitcoin was trading at $11,524 up 3.02% as of 9:14 AM ET (14:14 GMT) on the Bitfinex. Bitcoin has struggled to stay above $11,000 since it hit a two-month low of $6,000 in early February.
As the virtual currencies grow in popularity, regulators around the world have been debating about the best way to regulate cryptocurrencies.
On Friday Carney warned that cryptocurrencies are a financial bubble and investors need to be protected. Finance ministers and central bankers from the G20 group of major world economies are due to meet in Buenos Aires in two weeks. Cryptocurrencies is expected to be on the agenda
Meanwhile in India, two exchanges that trade Ripple and Ethereum have stopped trading due to worry over the government cracking down on regulation. Officials have warned people against trading in digital currencies, with the finance minister describing cryptocurrencies as “Ponzi schemes.”
BTCXIndia and ETHEXIndia told customers to take their money out on Monday and have stopped accepting new deposits since January 1. "The Indian government is discouraging cryptocurrency trading," the exchanges said in an email to users last month. "This has ... put our business under a lot of stress and [is] putting us in a position where we don't feel that we can continue.”
Other virtual currencies were up, with rival Ethereum, the world’s second largest cryptocurrency by market cap, rising 1.32% to $864.20 on the Bitfinex exchange.
The third largest cryptocurrency, Ripple, was up 17.02% to trade at $1.05200 and Litecoin was last at $213.95, an increase of 2.25%.