Bitcoin adds 2% on short-covering
2018-01-12 20:17:38 GMT (
Bitcoin adds 2% on short-covering

Bitcoin rose over two percent, or $300 on Friday on short-covering after South Korean justice minister cautioned that the proposed law to ban bitcoin trading needs further deliberation between ministers, which would take months or maybe years before passing such a law. 


As of 06:01 GMT, bitcoin rose 2.26% to $13,543 from the opening of $13,249.99, with an intraday high at $14,152.19, and a low at $12,807.27. 


Bitcoin is heading for a weekly decline after a spate of disappointing news from China and South Korea that hurt sentiment trading and erased the gains of the start of the year. 


Earlier this week, South Korean justice minister Park Sang said that his ministry is working on a law to ban cryptocurrency trading through exchanges, while also working on outlawing hidden cryptocurrency accounts, which can be used for money laundering. 


Bitcoin was hurt last week after CoinMarketCap announced sidelining South Korean bitcoin prices due to steep moves that can be widely different from international prices. 


The Wall Street Journal reported that Chinese authorities have decided to ban bitcoin mining on the directive of of a government agency that supervises internet risks.


Bitcoin mining thrives in China, where miners profit even with the highest electricity rate as long as bitcoin is above $6,925, with statistics pointing to a demand increase of electricity to power bitcoin mining to about 20.5 terawatt/hour a year, about 10% of electricity used in South Africa.


As for other cryptocurrencies, Ethereum rose 9% to $1,233, while Bitcoin Cash increased 3% to $2,509. Ethereum Classic advanced 3% to $33.27, while Litecoin rose 2% to $231.40. Ripple added 1% to $1.939. 

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