Bitcoin surges by more than $2,000 in just over a day

The largest digital currency by market capitalization traded 9.5 percent higher Wednesday above $8,400 as of 8:12 a.m. ET, according to CoinDesk, whose bitcoin price index tracks prices from four major exchanges.

Ahead of a Tuesday morning Senate Banking Committee hearing, Bitcoin fell below $6,000 to $5,947.40, its lowest since Nov. 13, amid a plunge in U.S. stocks.

On a 24-hour basis, the 15 largest cryptocurrencies by market cap showed double-digit gains, with neo the greatest advancer, up 45 percent.





Bitcoin rose Wednesday morning along with sharp gains in other major cryptocurrencies.









The largest digital currency by market capitalization traded 9.5 percent higher above $8,400 as of 8:12 a.m. ET, according to CoinDesk, whose bitcoin price index tracks prices from four major exchanges. The jump marked a gain of more than $2,000 in just over a day.





The gains followed a Senate Banking Committee hearing Tuesday on virtual currencies in which the chairmen of the Securities and Exchange Commission and Commodity Futures Trading Commission emphasized consumer protection without a heavy-handed ban on development of cryptocurrencies. The chairmen also said Treasury Secretary Steven Mnuchin is bringing together several federal agencies to coordinate regulation on the fast-growing industry.





Ahead of the hearing, Bitcoin fell below $6,000 to $5,947.40, its lowest since Nov. 13, amid a plunge in U.S. stocks. The S&P 500 rallied late Tuesday to close 1.7 percent higher, but stock index futures were pointing to a lower open Wednesday.





Other cryptocurrencies traded higher Wednesday morning. Ethereum climbed 5.6 percent to $838, ripple rose 2.3 percent and bitcoin cash gained nearly 4.8 percent, according to CoinMarketCap.





On a 24-hour basis, the 15 largest cryptocurrencies by market cap showed double-digit gains, with neo the greatest advancer, up 45 percent.





Bitcoin remains nearly 17 percent lower for February and down 39 percent for the year so far.



