Bitcoin Increased By 10% In 7 Days. The Bull Is Coming Back.
Bitcoin increased by 10% in 7 days. Last week has become good for Bitcoin, the price increased by more than 10% according to CoinMarketCap. Since the beginning of the month, Bitcoin has grown by about 27%.
After strong gains on last week, Bitcoin has been hanging at $ 9,000, but has recently gone under tension caused by a tax-related sale ahead of the US tax time limit last week.
Regulation tightening threat remains a dark cloud hovering over Bitcoin sentiment, nevertheless, with many concerns, the U.S. Securities and Exchange Commission (SEC) is about to take severe measures against the issuers of initial coin offering (ICO).
Garrick Hileman, cofounder of the cryptocurrency data and research firm Mosaic.io said “Bitcoin’s price has shown resilience multiples times this year when it has dropped below $7k, even in the wake of negative events such as India’s recent ban on banks engaging in cryptocurrency-related activity, Mt Gox trustee sales, and tax-related selling.”
From the other side Hileman mentioned, “Positive drivers include reports that major financial institutions, such as Barclays, are getting more serious about entering the crypto space”.
In March, the manager oversees the bankruptcy of the discontinued Mt. Gox cryptocurrency exchange denied that it was behind the sale in 2018 after it was revealed that he had sold $ 400 million of Mt. Gox’s Bitcoin since September last year.
Meantime, Coinbase, one of the world’s largest Bitcoin exchanges, has entered into a deal that allows it to open a bank account in Britain’s Barclays.
In spite of analogous steps to make Bitcoin and other cryptocurrencies trading more legitimate there have been as many setbacks as advances.