2018.02.1423:48:00UTC+00Bitcoin Climbs Above $9,000

Bitcoin rose 9.7 percent to trade above the psychologically key $9, 000 level, hitting a 10-day high amid improving market sentiment regarding government regulation.

The cryptocurrency rallied to $9,346, its highest level since February 4, according to CoinDesk. Bitcoin was last trading 9 percent up close to $9,313.

According to cryptocurrency trading analysts, sentiment in the market has changed. The latest reports regarding South Korean regulation denoted a softer approach, contrary to concerns in the last several weeks that the government would shutter cryptocurrency exchanges.

BusinessKorea reported on Monday that a government official working with a cryptocurrency task force said on Sunday that the nation is considering to implement additional regulation like the “BitLicense” the New York State Department of Financial Services needed for digital currency exchanges in the country.

In a separate statement, Hong Nam-ki, the minister of the Office for Government Policy Coordination of South Korea said that authorities are planning to focus on taking action against illegal activity in the digital currency trading.

Meanwhile, Japanese cryptocurrency exchange CoinCheck, which was also hit by the biggest theft in the industry, also successfully restored yen withdrawals earlier this week.