Bitcoin Hits New Record Highs

0
34
Bitcoin Liquidity

On Monday, Bitcoin dropped back below $11,000 after hitting a record high on Sunday of almost $11,800, after starting the year under $1,000. The cryptocurrency trades 24 hours a day and seven days a week. On Sunday, it reached as high as $11,799.99 on the Luxembourg-based Bitstamp exchange at around 2100 GMT.


Don’t Forget to Join our FREE Text list! From Your Cell Phone Text the Phrase CRYPTO to 474747


It is unknown what caused the spike over the weekend other than the increase of investors joining the market, with a record number of sign-ups in the last week. Analysts believe that Friday’s announcement from the main U.S. derivatives regulator allowing CME Group Inc and CBOE Global Markets to list bitcoin futures contracts had changed negative opinions positive after a variable week.

“The price rises are triggered by continued media interest driven by the expectation of futures trading on CME,” Charles Hayter, founder of data analysis website stated.


Don’t Forget to Join our FREE Text list! From Your Cell Phone Text the Phrase CRYPTO to 474747


Sunday’s record high for bitcoin did follow Venezuelan President Nicolas Maduro announcement of “petro”, which is a cryptocurrency backed by oil reserves, to aid the country’s struggling economy.

By 1310 GMT on Monday, the cryptocurrency dropped back down to about $10,919, down 2 percent on the day. Yet, it is still up over 100 percent in the past three weeks and Sunday’s high denoted a 1,121 percent increase since the beginning of the year.

According to analyst Naeem Aslam, Britain is seeking to increase the regulations of digital currencies, including bitcoin, by the expansion of the European Union anti-money-laundering regulation which force traders to reveal their identities and report suspicious activity. Aslam believes this had pushed bitcoin away from its highs.


Don’t Forget to Join our FREE Text list! From Your Cell Phone Text the Phrase CRYPTO to 474747


Others believe stricter regulations would drive prices even higher.

“If anything, regulation will only increase bitcoin’s rate of growth as regulation lends credibility and engenders trust,” stated Nicholas Gregory, CEO of a London-based cryptocurrency firm.

LEAVE A REPLY

Please enter your comment!
Please enter your name here