18.01.201822:04:00UTC+00Bitcoin Rebounds after Sharp Drop to Below $10,000

Bitcoin managed to recover from a steep drop on Thursday, rebounding from a sharp sell-off to briefly surpass the $12, 000 level.

In the latest wild swing of the volatile cryptocurrency, Bitcoin reached a high of $12, 045.09, rising 30 percent from a trough of $9,199.59 during the previous day on Coindesk. Bitcoin traded around 27 percent higher than the mentioned low at $11,736 on midday Thursday.

CoinDesk, which tracks prices of the digital currency from Bitstamp, Coinbase, itBit and Bitfinex, said the large declines of 25 percent or higher are a quality of the hyper liquid, almost-instant digital currency trading conditions.

Between Monday and Wednesday, Bitcoin slid more than 30 percent to below $10, 000. The sell-off, observed across major cryptocurrencies, came after reports that raised worries regarding increased regulation on digital currencies from South Korean and Chinese authorities.

Other digital currencies, such as ripple, also attempted to recover majority of their losses from the reports on Thursday.

As of midday trading, bitcoin continued to be around 15 percent lower for the year and over 40 percent down from its record high reached in December.