Bitcoin has had a rocky start to 2018, but it is showing its resilience once again by hitting the $11,000 mark. This is the first time it has reached this price since its crash in January.
People’s faith in the cryptocurrency is slowly being restored, and CoinMarketCap showed Bitcoin had reached a price of $11,323, for the first time since 30th January 2018.
This is fantastic news for the cryptocurrency, and shows just how tough it can be. Remarkably, it was trading at just $5,947 at the beginning of February, which shows an increase of a huge 95.19 percent in just a few weeks.
This could be thanks to South Korea, who are one of the top countries for trading Bitcoin. There were fears that a ban on cryptocurrency trading could come into effect, but thankfully the new measures were not as strict as once feared, which has likely had a huge and positive effect on the price of the currency today.
Jay Clayton, who is the chairman of the Securities and Exchange Commission and Christopher Giancarlo, who is the chairman of the Commodities Futures Trading Commission said in a testimony from the Senate Banking Committee;
“We must crack down hard on those who abuse our young enthusiasm for Bitcoin and blockchain technology…We owe it to this new generation, to respect their interest in this new technology with a thoughtful regulatory approach.”
Tom Lee, a major Wall Street strategist also has nothing but praise for Bitcoin and has predicted that the virtual currency will hit a high of $25,000 this year. Kay Van-Peterson, who is an analyst at Saxo Bank went one step further in an interview with CNBC, saying Bitcoin could in fact reach a high of $100,000.
Only time will tell what the future is for this volatile currency, but it is good news for investors right now.
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