Over the past 12 months, the value of Bitcoin has skyrocketed from $1,000 to almost $20,000, before plunging below $6,000 in early 2018.
After a crash in January wiped about half a trillion dollars from the market caps of some 1,500 cryptocurrencies tracked by CoinMarketCap, many found a floor in mid-February. The platform now offers trades in Bitcoin, Litecoin, and Ethereum, which are the top digital currencies in the world. This was due to ban news on cryptocurrency's trading in many countries. The last time it broke the $500 billion mark was in mid-December. Meantime, the United States authorities have begun an investigation of the Bitfinex exchange over its links to Tether, which is rumored to being used to artificially inflate bitcoin prices.
South Korea's financial regulator said Tuesday the government will support "normal transactions" of cryptocurrencies, about three weeks after it banned their trading through anonymous bank accounts. Tom Lee, the Wall Street strategist covering bitcoin, said bitcoin will reach $25,000 this year, while Saxo Bank's analyst Kay Van-Petersen believes the digital currency will cost $100,000. Fellow workers cited heavy work stress on their colleague since he took charge of devising measures against cryptocurrency speculation, news agency "Yonhap" reported.
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To cure the circumstance, Choe uncovered the government will "encourage" banks to set up ties and engage in transactions with digital currency exchanges.
However, those who have been investing in cryptocurrency for any period of time know that the Bitcoin price and value is incredibly volatile, and has seen massive spikes and drops over the course of its short life.
Bianchi added that "most of the upward trend is thanks to demand pressure following the apparent softening of the regulatory stance in the European Union, as mainly confirmed by the ECB president Mario Draghi, and the increasingly positive attitude of major investment players such as JP Morgan".