Bitcoin bounces back, briefly rises 12% above $7,70

• The cryptocurrency climbed 12 percent to a high of $7,763 Tuesday afternoon, according to CoinDesk's bitcoin price index, which tracks prices from major cryptocurrency exchanges.
• The gains followed the testimony of two financial regulatory commission chairmen before the Senate Banking Committee and came as U.S. stocks bounced back from their worst day in years.
• Earlier, bitcoin extended a recent slide, falling below $6,000 to its lowest since Nov. 13.

Bitcoin climbed Tuesday afternoon, recovering from an earlier drop to its lowest in more than two months.

The gains followed the testimony of two financial regulatory commission chairmen before the Senate Banking Committee that showed how the U.S. government is trying to coordinate its efforts to regulate bitcoin. But the chairmen's comments balanced the need to protect consumers without a heavy-handed crackdown on technological innovation.

Bitcoin's afternoon climb also came as U.S. stocks bounced back from their worst day in years.

Bitcoin one-week performance

The cryptocurrency climbed twelve p.c to $7,763 and was commerce close to $7,600 as of 3:52 p.m., ET, in line with CoinDesk's bitcoin price level, that tracks costs from major cryptocurrency exchanges.

Earlier, bitcoin extended a recent slide, falling below $6,000 to its lowest since November. 13. Even with the afternoon recovery, the cryptocurrency remains twenty five p.c lower for February.

Other major cryptocurrencies conjointly turned higher in afternoon commerce. Ethereum listed ten.9 p.c higher close to $774, in line with CoinMarketCap, whereas ripple listed concerning eight.7 p.c higher close to seven5.2 cents.

Among the biggest cryptocurrencies, modern was one among the highest gainers, mounting over twenty two p.c to $101, in line with CoinMarketCap.