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The largest digital currency by market capitalization traded 9.5% higher above $8,400. 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 where 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.

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After the hearing, bitcoin fell below $6,000 to $5,947.40, its lowest since Nov. 13, amid a plunge in U.S. stocks. Other cryptocurrencies traded higher Wednesday morning. Ethereum went up 5.6% to $838, ripple to 2.3% and bitcoin cash gained nearly 4.8 percent. On a 24-hour basis, the 15 largest cryptocurrencies by market cap showed double-digit gains.

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NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future


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