Bitcoin was trading below the key $10,000 level for much of Wednesday after a string of negative news reports subjected the whole array of crytocurrencies to losses.
While Facebook said it was to ban cryptocurrency-related advertising content, South Korea was implementing new rules preventing the use of anonymous trading accounts.
South Korea not banning bitcoin
However, the country's finance minister said on Wednesday that there was no intention to ban or suppress cryptocurrency trading.
"Regulating exchanges is the government's immediate task," he said.
This news helped take the edge off earlier losses, and by the time equity markets were closing in London, bitcoin was trading back close to the $10,000 level.
Omkar Godbole at Coindesk offered some technical analysis of recent losses.