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Bitcoin Steadily Gaining Lost Ground

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Bitcoin is steadily gaining its lost ground and is trading in the green Thursday after a tumultuous week. The currency leapt more than 12 percent in Asian hours.

As of 12.45 pm UTC (7.45 ET) on Thursday, Bitcoin was up 12.75 percent at $8,547 as per CoinDesk's Bitcoin Price Index.

After plunging below $6,000 earlier this week, the most popular crypto currency had showed indications of a recovery Wednesday.

And on Thursday, it was a steady rise after opening at $7,581.80.

Bitcoin had plunged to its lowest price in three-months Tuesday, when global mainstream markets also witnessed a collapse across the board.

However, testimonies from the chairmen of Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) at Senate hearing on Tuesday apparently induced confidence in investors, sending the price up to trade above $8500.

But towards the end of Wednesday, the value had eroded by $1000. Later, the soft coin made a remarkable comeback the next day, and made up for the losses.

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