With a momentary spike above $11,000 levels, the price of Bitcoin has pulled back down again and is consolidating around $10,700 levels.
While some countries are trying their best to attract Bitcoin mining companies, others don’t know how to deal with the demand.
Vulnerability of crypto industry to external factors makes Bitcoin price one of the most discussed issues. Let’s see what factors have led to its recovery.
Experts say that Bitcoin’s attraction for institutional investors may increase correlation, with crypto market hitting $1 trillion this year. As Bitcoin’s correlation with stocks jumps to 2-year high, the currency becomes like everything else on Wall Street.
Crypto markets recovers from the heavy blows and woes as CFTC and SEC chairpersons express some confidence in digital currencies.
Analysts say that there could be a “bloodbath” in the crypto markets if suspicions regarding use of Tether tokens for pumping Bitcoin price turns out to be true.
Two major cryptocurrencies show the signs of recovery after last-week’s market crashdown. The third largest, Ripple, also gains pace with 68% growth.
The global crypto market is recovering after the South Korean false regulatory announcement. Cardano and NEO increased in value, while Bitcoin and Ethereum receded from their positions.
Analysis of current situation on cryptocurrency market reveals that Bitcoin’s major rival strengthens positions with rising market capitalization and increasing trading volumes.
After its bullish run to above $800 billion, crypto markets are seen correcting by nearly 10%.
At the end of 2017, there come several hottest trends in the cryptocurrency world that are existing to track down.
Bitcoin price has just reached its historical all-time high by breaking the $10,000 barrier. Now it seems only the sky is the limit.
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