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Bitcoin rallied along with solid gains in other cryptocurrencies on Wednesday.
According to CoinDesk, the biggest digital currency based on market capitalization traded 9.5 percent higher above $8, 400. The rally marked an increase of over $2, 000 in just over a day.
The gains came after a Senate Banking Committee hearing on Tuesday on cryptocurrencies in with the chairmen of the Commodity Futures Trading Commission and the Securities and Exchange Commission underlined consumer protection without a heavy-handed prohibition on the development of virtual assets. The agency heads also said Treasury Secretary Mnuchin is gathering several federal agencies to draft out the regulation on the fast-expanding industry.
Before the hearing, bitcoin slid below $6, 000 to $5, 947.40, its lowest level since November 13 amid a slump in U.S. stocks. The S&P 500 edged up late Tuesday to end 1.7 percent up, but stock index futures indicated a lower open on Wednesday.
Other cryptocurrencies traded up. Ethereum advanced 5.6 percent to $838, ripple climbed 2.3 percent and bitcoin cash rose almost 4.8 percent, according to COinMarketCap.
On a 24-hour basis, the biggest cryptocurrencies by market cap posted double-digit gains. Bitcoin continues to be almost 17 percent lower for the month and down 39 percent down for 2018 so far.
