06.02.201820:12:00UTC+00Bitcoin Snaps Losing Streak in Volatile Trade

Bitcoin rebounded from three-month lows below the $6, 000 mark in choppy trading, but concerns regarding a worldwide regulatory clampdown and measures by lenders to ban buying with credit cards persisted.

On Bitstamp exchange, bitcoin slumped to $5,920, its lowest price since mid-November, before rallying to recover to above $8,000. The cryptocurrency reached a high of $8,150 and was last trading at $7,922.79 in New York, up almost 15 percent on the day.

Bitcoin has fallen in recent sessions as a risk-off sentiment spread across financial markets. It has declined around 70 percent from its high of almost $20, 000 in December and was down over 40 percent so far this 2018. Last year, bitcoin increased by more than 1,300 percent.

Other e-currencies also rallied after suffering steep declines in the last few weeks. Ethereum traded up 10.7 percent over the last 24 hours at $791.33, while Ripple advanced 6 percent at 76 U.S. cents, according to coinmarketcap.com.

The gains came amid a US Senate hearing on cryptocurrencies in with CFTC Chairman J. Christopher Giancarlo and SEC Chairman Jay Clayton testified. The Senate is reviewing the role of the two agencies in overseeing virtual assets.