Connect
To Top

BITCOIN Reaches $11,000 Mark Since January

Bitcoin triumphed and experienced a huge breakthrough once again, as it penetrated the $11,000 jinx last weekend, a hurdle it has been looking to cross since December 2017. This would be the first breakthrough into the $11,000 barrier since the 30th of January. The bottleneck and neck-breaking laws that were responsible for its previous major crash seem to have dispersed and the anxiety over the laws has now settled down.

Bitcoin experienced another breakthrough.

In spite of this landmark success, prominent crypto observers like Vitalik Buterin, who founded Ethereum, are still sending out warnings that the values of cryptocurrencies could drop to almost zero anytime and at any given period.

Bitcoin Recorded Success

On the 16th of this month, Bitcoin recorded a success of surpassing the high wall of $11,000 status, and since the latter part of January, this would be its first time of achieving that feat. Meanwhile, Bitcoin price keeps going up gradually after an aggressive sell-off which was done at the beginning of February.

A report obtained from CoinDesk, which monitors the index price of bitcoins and analyzes prices from the viewpoints of giant exchanges for the cryptocurrency, revealed that bitcoin gained its value at $11,280.19 on the evening of 18th February. This will be the biggest upheaved level of its price since 30th of January.

Price Of Bitcoin Started Rising – Again

However, by Monday morning at London time zone, the leading crypto was being sold in the market lower than $11,000, precisely at $10,810, and the time was 9:30 a.m.

The price of bitcoin has started to rise again, although at a slow pace, a development that was an aftermath of an enormous sell-off early this month. The sell-off was motivated by anxiety caused by stricter regulations, widespread rumors that the price will soon be stiffly controlled in the cryptocurrency marketplace, and the incidence of a hack into the crypto exchange system, Coincheck, where more than half a million dollars worth of bitcoins was carted off the system.

Bitcoin started rising since mid-February

Bitcoin is really enjoying the massive victory as it skyrockets to more than 80% value, a sharp contrast to its $5.950.40 pitfall on the 6th of February.

South Korea Was In Fear That There Might Be A Swift Outlaw Regarding Cryptocurrency

The country that has the biggest bitcoin market in the world, South Korea, nursed the fears that there might be a swift outlaw on the trading of cryptocurrency soon. Fortunately, as it appears, the new standards that were set outlook friendlier than shareholders had anticipated, and the positive inclinations from some of them are encouraging.

At the beginning of February, the duo of Christopher Giancarlo, the president of the Commodity Trading Organization (CTO), and the director of the commission that oversees securities and exchanges, Jay Clayton, presented an affirmative address before the Senate committee on banking and cryptocurrencies. The two executives enthusiastically hinted that victorious days are ahead, and Giancarlo advised regulators always to give an astute and balanced reply, but they should avoid giving a somewhat note of finality. He added that the practice of positive responses have been useful in allaying the fears nursed by investors that a tighter control would soon be implemented.

Month Of February Was Excellent For The Crypto Trading Market

Apparently, the month of February had been a very favorable month for the crypto trading market. Confidence and vigor have been restored to the marketplaces of cryptocurrency, as ethereum and ripple have also sailed through their barriers because of noticeable improvement in their past bottomed value.

The price of bitcoin will probably soar before the end of 2018

The key strategist working for Wall Street, and the first journalist to give reports on bitcoin, forecasted that the price of bitcoin would probably soar to as high as $25,000 before the end of 2018. Another crypto observer who is also bitcoin enthusiast, Kay Van-Petersen, who is an analyst working for Saxo Bank, recently envisaged that bitcoin would likely reach $100,000 in 2018.

However, despite all this excitement, many cryptocurrency critics, key major industries, and influential personalities are sending out warnings that there is a huge certainty for the serious and violent crash of cryptocurrencies. One of the critics was Goldman Sachs, which released a note sometimes in February that majority of digital currencies have the potential of losing their worth to zero marks. The CEO of Ethereum, Vitalik Buterin also joined his voice to the existing ones on Sunday when he pointed out that cryptocurrencies are fluid assets and highly inconsistent in nature, they could drop close to zero at any given time without signs.

More in Refinance

Advertisement