Cryptocurrencies extended their rebound on Wednesday as Bitcoin traded above $7,500 for the first time in a month, shrugging off security and regulatory concerns that have plagued the digital currency for much of this year. Bitcoin prices climbed as much as 3.1% to $7,543, according to Bloomberg composite pricing. Rival cryptocurrencies including Ripple, Ether and Litecoin also advanced. Bitcoin remains more than 60% below its all-time high in December.
The cryptocurrency last traded above $7,500 on 8 June, before getting caught in a sector wide sell-off that erased about $42 billion of market value the following weekend. Some observers pinned that retreat on an exchange hack in South Korea, while others pointed to lingering concern over a clampdown on trading platforms in China. Cryptocurrency venues have come under growing scrutiny around the world in recent months amid a range of issues including thefts, market manipulation and money laundering.
Advocates of the virtual currency did receive some good news this week, such as word that the CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its curriculum for the first time next year.
