Bitcoin has taken a 12% jump today after last week’s lows and is now trading at USD 6,611 at time of writing.
This will be perceived by many to be the long-awaited upward hit that the digital currency has been waiting for after hitting its lowest level since November last week. Last week’s price was attributed by many to lackluster interest from new buyers due to its recent downward trend. Others cited the expiration of CME futures contracts on 20 June 20, according to MSN.
The rise is on the back of a sustained period of bearishness seeing cryptocurrencies dropping 52% from the beginning of 2018. However, as bears seem to ignore with varying predictions of the demise of the digital currency, Bitcoin still remains up by a massive 145% since the middle of last year, rising 1,300% in 2017.
The rise of altcoins has waned under pressure from cryptocurrency markets’ recent difficulty to maintain any stability, seeing between 800 to 1,000 ICO projects go to the wall, depending on whose version one reads, with genuine ICOs flourishing globally in countries which support blockchain enterprises with enthusiasm.
Regulatory processes have had their effect globally, although many states in the US are integrating blockchain into governmental systems with some innovative projects. Fraudulent ICOs have been met with punitive measures by the SEC which has dampened the ICO market and heightened negative public opinion this year with bad press.
But of course, where there is negativity, there is sure to be a polar opposite, with big guns in the industry making some heart-stopping predictions over the past few months. Tom Lee went for Bitcoin at USD 20,000 by the middle of the year then admitting he’d got it wrong but then sticking with a USD 25,000 value for December 2018. Tim Draper made his “bigger than the internet” comment, predicting the digital currency would be at USD 250,000 by 2022.
It remains to see if Bitcoin has stirred and whether it will begin clawing back some of those gains of 2017 as the year progresses, as the bulls predict.
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