The world of Cryptocurrencies seems to have received a massive boost from the recent announcement made by Israel’s government that their diamond exchange is switching to digital currencies which sparked new hope into the industry which looked like its losing interest from investors. It was also reported by David Pollard that for this plan to succeed, a traditional market environment used functioning with cash transactions and backroom handshakes will have to switch to using a highly sophisticated and unsteady technology.
Another positive sign for cryptocurrency fanatics was that Bitcoin finally peaked above the $11,000 over the weekend for the first time since the end of last month it seems to gently gain some momentum as its price continues to rise following a massive offload during the start of February. It continues to grow as even today it has shown a growth of 8.33% which is $11,560.90 USD as presented on Coinmarketcap price index while the time of reporting this article which is the most elevated price since January 30.On Monday, bitcoin was trading below $11,000, at $10,789, at around 4:30 a.m. ET.
Bitcoin’s price has been slowly climbing Following a huge sell-off at the beginning of this month which was affected due to growing concerns of strict regulatory policies and rumours of price laundering in the market early and not to forget the biggest hack till date on the famous cryptocurrency exchange Coincheck which witness a robbery of well over $500 million. Bitcoin seems to have put this in the past as its price seems to be progressing as it continues to slowly climb on top. Bitcoin has seen a growth of well over 80% since it sunk at $5.947.40 on the 6th of February
Tracking equities, which are still picking up the pieces following a calamity at the start of the month, bitcoin has gained about 22% the last seven sessions. While U.S. stock markets were shut on Monday for presidents day holiday, bitcoin and cryptocurrency continued to function in fact trading continues even on weekends.
South Korea, one of the major markets for bitcoin, had shocked the whole cryptocurrency community by announcing that cryptocurrency trading would completely be banned with immediate effect. But as new measures were undertaken they were not so strict as earlier assumed.
Also, at the start of this month, chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, chairman of the Securities and Exchange Commission (SEC), Jay Clayton, chairman of the Securities and Exchange Commission (SEC) and Christopher Giancarlo, Chairman of Commodity Futures Trading (CFTC), gave a statement in front of the Senate Banking Committee regarding cryptocurrencies. They were very positive towards this topic, with Giancarlo also mentioning that regulators should have a “diplomatic and proportionate response, rather than a dismissive one.”
Kay Van-Petersen, an analyst at Saxo Bank who rightly forecasted bitcoins rally at the beginning of 2017, announced in a recent interview with CNBC that bitcoin can reach well up to $100,000.Tom Lee, arguably the first major Wall Street strategist who researched on bitcoin, mentioned recently that bitcoin will likely rise to $25,000 by this year
Peter Iosif, senior research analyst at IronFX Global addresses the public and quoted “in the case of Bitcoin we see it continue to grow in the short term, however, [we] still have our fair share of doubts over its long-term credibility” Bitcoin still remain low by about 23% on a year-to-date basis.
Although, there are still a number of major organizations and figures warning about the potential for cryptocurrencies to crash are yet to be convinced otherwise. With Goldman Sachs claiming in a note earlier in the month that most digital coins are likely to go nil. And Ethereum founder Vitalik Buterin also warned Sunday that cryptocurrencies are a “highly elusive” asset class and “could fall to zero anytime”