Bitcoin prices are back up to more than $11,600 today after South Korea’s finance regulator said the country would support “normal” cryptocurrency trading. That’s the highest it’s been since the country’s regulators said they would ban cryptocurrency traders from using anonymous bank accounts last month.
The price of the cryptocurrency is higher on South Korean exchanges, where a relatively large share of the world’s bitcoin trading volume occurs, driving overall prices up.
Today, Bitcoin prices have risen 5 percent, and about 30 percent in the last seven days, according to data from digital currency publication CoinDesk.
Bitcoin prices had declined from their December peak of nearly $20,000 amid uncertainty about increased government regulation on cryptocurrencies. At the beginning of February, bitcoin went below a daily price of $7,000, the lowest it had been since November.
However, looking back to last February, the price of bitcoin has risen nearly 1,000 percent.