The Bitcoin Rally Is Back

Status
Archived
Joined
May 2017
From
Kirkland, WA
The bitcoin rally is proving hard to stop.

The cryptocurrency has breached $4,000, soaring more than 20 percent from the lows reached Friday, as concern eases that a crackdown by Chinese regulators will hinder the growth of the alternative method of exchange. After reaching a record high of $4,921 on Sept. 1, the digital currency fell as low as $2,975 on Sept. 15.

Prices are rebounding because traders in China are likely to switch to alternative exchanges or seek loopholes in the regulation, said Peter Van Valkenburgh, director of research at Coin Center, a Washington-based nonprofit research firm focusing on cryptocurrencies.

“The efficacy of any bitcoin ban is pretty dubious,” said Van Valkenburgh. “It’s bullish because if a powerful government like China feels the need to ban major trading, then it’s a good indicator that the technology works and that it does what it’s supposed to. If it overcomes those controls, then it’s further proof that it’s independent from government controls, which is pretty radical.”

...

Source (Bloomberg)
 
Joined
Sep 2017
From
Macao
My prediction is that in a good market more money will flow out of bitcoin into other alts further reducing its market cap dominance

But the other side is that there is more bad news to brace and thus should probably see if profit should be locked in
 
Status
Archived

Similar Threads

Top