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Bitcoin rebounds 11.7% in one day, following pre-holiday plunge

December 26, 2017, 10:53 UTC+3 MOSCOW

Bitcoin has risen to $16,800

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MOSCOW, December 26. /TASS/. The bitcoin exchange rate at the Coinmarketcap rose by 11.7% to $16,800 in the last 24 hours.

On December 22, bitcoin showed a sharp 24.6% decline to $11,800. On December 16, the cryptocurrency set a historic high, surging 8.2% to break through the $19,000 mark.

Earlier, Russia’s Finance Minister Anton Siluanov said that the Ministry of Finance had hammered out a bill on the regulation of cryptocurrencies. "The Ministry of Finance has drawn up a draft law, currently under consideration, which will determine the procedure for issuing, taxing, buying and circulation of cryptocurrency," he said.

The Ministry of Finance is currently partaking in the groundwork for amendments to Russia’s legislation on regulating the market of digital financial technologies. Earlier, Russian President Vladimir Putin instructed the government and the Central Bank to develop legislative regulation of cryptocurrencies, mining and ICO by July 2018.

Bitcoin is a decentralized system based on blockchain technology, which any user – that is, participant of the system can emit, creating new blocks of the system with the help of a computing device. The concept of the system was first published in November 2008.

In early August 2017, the cryptocurrency was divided into classic bitcoin and Bitcoin Cash, due to disputes about updates, which were supposed to increase the speed of processing any transaction.

Russian Minister of Communications and Mass Media Nikolai Nikiforov said earlier that he believed that Russia is unlikely to legalize bitcoin.

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