Bitcoin rebounds despite probes, calls for regulation


Bitcoin rebounds despite probes, calls for regulation Washington: Bitcoin values rebounded Wednesday despite investigations into the collapse of a major exchange and a call by a US senator to ban the “highly unstable” digital currency.
The Bitcoin was worth $581 at 2100 GMT, according to the Winkdex index, a rise of 13% over 24 hours, following a stunning drop of more than $100 on Tuesday.
The heightened volatility came after the Japan-based MtGox exchange went dark on Tuesday, sparking protests at its Tokyo headquarters and heightening fears about the cryptographic currency, which can be used outside the traditional financial system.
Even as MtGox remained offline, its chief executive Mark Karpeles posted a message on its official website suggesting the exchange was working to reopen after the closure and disappearance of its Bitcoins, worth more than $400 million at the latest values.
‘I am still in Japan’
“As there is a lot of speculation regarding MtGox and its future, I would like to use this opportunity to reassure everyone that I am still in Japan, and working very hard with the support of different parties to find a solution to our recent issues,” Karpeles wrote.
In Washington, Senator Joe Manchin sent a letter to federal regulators urging a US ban on Bitcoins.
SOURCE: http://www.livemint.com/
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