Bitcoin climbs for third straight session with an eye on $12,000

Bitcoin rose over 2% on Wednesday on track for the third daily profit in a row, as investment demand grows in the market, with prices eyeing $12,000. 

At Bitstamp, bitcoin rose $238, or 2.2% to $10,810 from the opening of $10,572, with a session-high at $11,065, and a low at $10,551. 

Bitcoin closed up 2.3% on Tuesday, the second profit in a row after positive EU comments. 

The market value of cryptocurrencies reached $465 billion, up $5 from Tuesday, with bitcoin accounting for 40% of the total value. 

Valdis Dombrovskis, president of the Financial Services Commission in the EU said the union is ready to regulate cryptocurrencies if their global risks weren't dealt with properly, calling for closer international inspection of the new business. 

The Group of 20 financial ministers and central bank governors are expected to gather in Buenos Aires next March, with cryptocurrencies expected to be one of the main issues discussed there. 

Over 35 countries and the European Commission asked the Financial Action Task Force on Money Laundering (FATF) to put up rules specific for cryptocurrency trading to ensure its legality.

FATF promised to propose such anti-laundering rules for the cryptocurrency market in the next G20 ministerial meeting. 

Otherwise, Malaysian central bank issued new rules to regulate cryptocurrencies and monitor the information of clients that use their platforms. 

These new regulations force banks and financial institutions to give reports on all clients and people who conduct cryptocurrency transactions, in order to prevent money laundering and terrorism funding operations.