Overnight selling pushed bitcoin down more than 6% to a low of $776.95, but buying over the course of the morning has wiped away those losses. The cryptocurrency is up 1.3% at $817.34 per coin as of 10:17 a.m. ET.
The early selling was unable to take out Thursday’s low of $752.46, a sign that bitcoin could be putting in a near-term bottom. The cryptocurrency has had a wild start to the year, climbing more than 20% in the first four trading days of 2017, the putting in a year-to-date high of $1161.88 before tumbling more than 35% as China began investigating bitcoin exchanges in Beijing and Shanghai on suspicion of market manipulation, money laundering, unauthorised financing, and other issues.
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