Bitcoin Recovers to $34,000... 'Donnamu Unni' Buys at the Bottom

Most Cryptocurrencies on the Rise
Arc Asset Management Adds Coinbase Purchases
Bitmain Halts Mining Equipment Sales
Spanish Court Approves Extradition of John McAfee to US on Coin Fraud Charges
US Treasury Deputy Secretary Nominee: "Cryptocurrency Regulation Is Top Priority"

[Asia Economy New York=Correspondent Baek Jong-min] Cryptocurrency Bitcoin is successfully rebounding. 'Donnamu Unni' Cathie Wood has been revealed to have expanded her investment by taking advantage of Bitcoin's sharp decline.

[Image source=Reuters Yonhap News]

According to CoinMarketCap, as of 3:15 PM on the 23rd (local time), Bitcoin is trading at $34,200, up 15.9% compared to 24 hours ago. Bitcoin attempted a rebound after falling below $30,000 during the previous day's session and dropping to $29,000, expanding its gains.

Ethereum, the second largest cryptocurrency by market capitalization, rose 8.7% to $1,989, and Dogecoin traded up 23% at 23.2 cents.

Bitcoin's growth rate, which had turned negative since January a day earlier, is now recording positive (+) again.

Although Bitcoin has succeeded in rebounding, there are assessments that the possibility of U.S. regulation remains.

According to cryptocurrency specialist media Decrypt, Brian Nelson, nominee for U.S. Treasury Department Undersecretary for Terrorism and Financial Crimes, announced at his confirmation hearing in the Senate a day earlier that he would focus on cracking down on money laundering through cryptocurrencies.

He said, "I will prioritize implementing regulatory legislation on cryptocurrencies."

Earlier, Charles Rettig, Commissioner of the U.S. Internal Revenue Service, expressed concerns that the rapidly growing cryptocurrency market is evading the IRS's surveillance and argued that "more proactive regulatory legislation at the congressional level is necessary."

John McAfee [Photo by AP News]

Meanwhile, the U.S. House of Representatives also passed a Bitcoin-related bill.

According to CoinDesk, the Consumer Safety Technology Act, passed by the House a day earlier, includes provisions for the Consumer Product Safety Commission to establish a pilot program exploring the use cases of artificial intelligence in commerce.

The Blockchain Innovation Act and Digital Taxation Act require the Secretary of Commerce and the Federal Trade Commission (FTC) to research and report on the use of blockchain technology and digital tokens.

On the same day, a Spanish court announced it would extradite famous entrepreneur John McAfee to the U.S., where he was indicted for cryptocurrency fraud and tax evasion and arrested locally. McAfee is accused of promoting cryptocurrencies purchased before their initial coin offerings (ICO) to his Twitter followers. McAfee is the founder of the computer antivirus company McAfee.

Bloomberg reported that Bitmain, the world's largest mining equipment company, has stopped selling mining equipment worldwide following the Chinese government's announcement of a mining ban. Bloomberg noted that mining equipment prices have plummeted by 75% since last April and predicted that Bitmain's suspension of new sales could help recover the crashed mining equipment prices.

Cathie Wood

'Donnamu Unni' Cathie Wood's Ark Investment Management saw Bitcoin's crash as an opportunity to expand related investments.

According to CNBC, Ark Investment Management increased its holdings of Coinbase stock by purchasing an additional 214,718 shares through the Ark Innovation ETF, raising its total holdings to 4.7 million shares.

The Ark Generation Internet ETF also purchased an additional 1 million shares of Grayscale Bitcoin Trust stock.