Bitcoin reaches $11,000 for the first time since this year
It’s still the leading of them all, Hail the for the “King of Cryptocurrency” – BITCOIN.
Bitcoin has broke through $11,000 mark for the first time since January 2018.
The all-time high comes amid the series of fears over tighter regulation, which was one of the catalysts for the recent crash, appear to have subsided.
In fact, many commentators, including Ethereum Founder Vitalik Buterin, have warned that cryptocurrencies could fall to “near-zero” at any time.
Over the weekend of January 2018, Bitcoin broke through the $11,000 mark for the first time since the end of January as its price continues to slowly rise following a violent sell-off at the start of the month.
According to CoinDesk’s bitcoin price index, the price of the cryptocurrency went as high as $11,279.18 on Sunday, its most elevated level since January 30, which tracks prices from four major cryptocurrency exchanges.
On Monday, bitcoin was trading below $11,000, at $10,789, at around 9:30 a.m. London time (4:30 a.m. ET).
Bitcoin is up over 80 percent since it bottomed at $5.947.40 on February 6.
In South Korea, a key market for bitcoin, there were fears that an outright ban on cryptocurrency trading could come into effect. But as new measures were implemented, they were less strict than investors thought, and many sounded a positive note.
It can be traced from our previous news write up that earlier this month, chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, and the chairman of the Securities and Exchange Commission (SEC), Jay Clayton, gave a testimony in front of the Senate Banking Committee on cryptocurrencies.
Both two gentlemen struck a positive tone, with Giancarlo saying that regulators should have a “thoughtful and balance response, and not a dismissive one.”