Daily Bitcoin News Update
Investor sentiments are reviving as cryptocurrencies blink inexperienced for the second day in a row. The Bitcoin worth lastly managed to breach resistance at $9,000. At the time of writing, the BTC to USD change price was $9,727.64.
Rewind again two days, and it appeared like Bitcoin costs had been caught in a hamster wheel with no method out. What precisely occurred on this brief time-frame to trigger a 180-degree flip in investor feelings?
Well, we bought at the least two important reassurances from prime authorities officers in Asia and Europe that the plan to ban cryptocurrencies was out the window.
To start with, an implicit reaffirmation was despatched by the South Korean authorities full cryptocurrency ban will not be at present into account.
The Minister of the Office for Government Policy Coordination, Hong Nam-ki, was responding to the petition that landed on the president’s desk final month. The petition signed by over 280,000 South Koreans urged the president to rethink the authorities’s stance on imposing a whole ban.
A fast reminder; the thought of the ban was floated by the South Korean Minister of Justice, who’s allegedly blamed to have induced the huge crash in crypto costs in January.
But as apparent from Minister Hong’s statements made on Tuesday, the authorities is extra involved about curbing unlawful actions and fraudulent trades than outrightly banning this rising funding class.
Moving on, the second optimistic assurance flowed in from Europe, the place President of the European Central Bank (ECB) Mario Draghi stated that the financial institution had no plans to ban cryptocurrencies.
To quote Draghi, “Many of you posted questions about whether the ECB is going to ban Bitcoins or it’s going to regulate Bitcoins. I have to say it’s not the ECB’s responsibility to do that.” (Source: “ECB’s Draghi says not his job to regulate Bitcoin,” Reuters, February 13, 2018.)
Europe and South Korea are big markets for cryptocurrencies. South Korea, specifically, is one of the largest hubs of crypto buying and selling exercise. The incontrovertible fact that authorities officers in these areas have struck a steadiness on the problem restores our religion in these investments. And, as apparent from yesterday’s worth rally, buyers view it no otherwise than we analysts do.
An uptrend is at present constructing in Bitcoin costs as the BTC to USD price makes greater highs and better lows. If costs proceed to ascend at this price, breach one other barrier at $10,000, and keep on observe in the following weeks, we could enter one other bull market.
Chart courtesy of StockCharts.com
Regardless of those short-term strikes in costs, we proceed to concentrate on the long run. Our Bitcoin worth prediction 2018 is staying sturdy with a BTC worth goal of $15,000.