12.02.201821:54:00UTC+00Bitcoin Nears $9,000 Mark as Regulatory Concerns Ease

Bitcoin continued to tackle a path to recovery on Monday as the regulatory worries that have weighed down digital currencies this year showed indications of receding.

The cryptocurrency advanced two percent to $8,720 in New York, rebounding by almost 50 percent since falling below $6, 000 in intraday trading on February 5, according to Bloomberg. Alternate virtual assets Ripple, Ether and Litecoin rose at least 3.5 percent.

After experiencing weeks of increasing negative headlines that have erased billions in value in the e-currency market, digital assets got a respite of sorts as top U.S. regulators testifying for a Senate committee urged for greater regulation without proposing industry-killing measures.

The news gave sufficient positive momentum for traders to dismiss a digital currency ban from Thailand's central bank.