Cryptocurrency updates: Bitcoins, Ripple recover losses

The Cryptocurrency market showed strong recovery on Thursday, as all the top 10 digital currencies by market capitalization jumped by double figures.

Bitcoin was up almost 16 percent, and was being traded under $12,000, as per the data provided by coinmarketcap.com, at the time of filing of this story.

Ripple currency was the biggest gainer as it recovered almost half of its value, and was being traded at $1.58.

"Some sort of calm has appeared on the markets after what has been a severe correction," stated Charles Hayter, CEO of digital currency comparison site CryptoCompare, quoted CNBC.

Major digital currencies took a sharp hit yesterday, as speculation in the market regarding the future of such currencies in Asia propelled the decline.

Earlier, it was reported that a senior Chinese central banker said authorities should ban centralized trading of virtual currencies as well as individuals and businesses that provide related services.

Meanwhile, South Korea was preparing a bill, which ban trading through cryptocurrency exchanges.