Bitcoin Surging Higher After Mystery Trader Buys $344mn In Cryptocurrency

Jon Howard
February 21, 2018

It's well on its way to post a one-month high after what has been a dramatic fall to under $10,000 after touching a peak of $20,000 previous year. The Executive Director of the charitable Foundation the Bitcoin Foundation is poured cool predicts that the cryptocurrency rate can reach 40 thousand dollars and altcoins will be worthless.

After the massive selloff in late January and early February, bitcoin price rose 80% in the last two weeks alone. In just a few years, Bitcoin has risen from a niche investment for techies to one of the biggest phenomenons in the investment industry.

The volatility of cryptocurrency, combined with a widespread lack of understanding of the market, has led many financial experts to warn people to steer clear.

Other digital currencies showed mixed results, diverging from Bitcoin for now.

While stocks are tied to the performance of a company, Bitcoin price and value is largely determined by speculation.

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"We believe that the future success of cryptocurrencies will largely depend on the coordinated approach of global regulators and policymakers to regulate and enhance market participants' confidence in these instruments". As such, it's not really possible to give an accurate long-term view of the currency.

Still, the regulators in South Korea, which is the key market for cryptocurrencies, confirmed last week that they will allow digital currencies to operate in the country, what has been positive news for traders who feared a complete ban.

Moreover, predictions of sustainable growth in bitcoin prices from key analysts have been adding to bullish sentiments.

We will continue to monitor this story and make updates if more information as more information comes to hand.

Although the Bitcoin price and value has been incredibly volatile, it has seen great success largely due to the ease of access and anonymity regarding financial transactions. Though a little vague, the statement would appear to indicate a softening of the regulatory stance after a total ban on exchange trading had been touted as an option on the table.

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