2018.01.2320:46:00UTC+00Bitcoin Pares Losses, Rises Above $11, 000

Bitcoin surged over 10 percent on Tuesday, rebounding from session lows below $10, 0000.

The cryptocurrency reached $11, 358 in midmorning trading, advancing 13.9 percent from a trough of $9, 972.29 hit early in the session, according to CoinDesk's bitcoin price index. The decline below the $10, 000 mark had been the digital currency's second decline below the psychologically significant level in a week.

Bitcoin posted a steep decline of more than 30 percent in the middle of the previous week, briefly sliding below $10, 000 to a low of $9,199.59 on CoinDesk, after worries regarding tightened regulation in South Korea and China. Prices had steadied by the end of the week, but started its downward movement again on Monday.

Cboe bitcoin futures traded around 10 percent up close to $11,210, while CME bitcoin futures traded around 7.5 percent higher around $11,145. Trading in Cboe bitcoin futures was temporarily halted due to the volatile price movement.

No specific factor was faulted for Tuesday's price movement. At session lows, Bitcoin traded down over 25 percent for the year so far, but continued to be over a 955 percent higher than the January 2017 levels.

The digital currency's initial losses came as more details regarding South Korea's efforts to curb speculation in cryptocurrencies surfaced. The South Korea Financial Services Commission announced on Tuesday that a proposed ban on anonymous trading accounts will be imposed beginning January 30.