Amid the series of bad news that have buffeted the crypto world for a long while now, it is refreshing to see Bitcoin surge past the 10,000-USD-mark. For sceptics it’s a time to be quiet, and for supporters – a time to be thankful.
This Thursday, 16 February, Bitcoin is well past $10,000 again. The New York’s exchange Coinbase has registered the change along with other companies. Bitcoin made it big on another exchange’s index, namely CoinDesk’s.
Hours before Bitcoin’s coming back in the game, we witnessed Ripple climb steadily and reach respectable heights again. But that hardly suffice it. Litecoin and Ethereum are also back in an upbeat swing and there seems to be no stopping them.
According to analysts, Bitcoin will reach new heights in July and this doesn’t seem so outlandish now that the cryptocurrency has attained new summits after probing the depths of $4,000.
It’s not nearly as surprising that Bitcoin is back in the game, though – cryptocurrencies are volatile and mutable and there is no underlying reason why they shouldn’t go up. Interestingly enough, when left in a state of limbo, they tend to stagnate.
Conversely, when there is more media interest in them, they tend to do rather well. And this has not been the best past few months for cryptocurrencies as a whole!
Exchanges got closed. Governments banned the trade of crypto assets in some places and they went after citizens in another. Even such staunch supporters as Japan and South Korea have been reconsidering their stance on the matter.
Amid this chaos, Bitcoin and other chunks of digital gold have been able to get propped up and right back on track. Despite the constellation of bad events, everything seems to be looking up.
Meanwhile, South Korea has been stepping up its game against cryptocurrencies. On Wednesday, a government’s minister spoke about cryptocurrencies and stressed the importance of preventing any sort of illegal activities.
The trade of such assets that are pegged to a number of outlawed organisations should be stopped, the statement read.
But even a more grotesque picture was drawn in December 2017 when people started mortgaging their house in order not to miss on the crypto bonanza. Many people must have felt ruined after Bitcoin started its decline.
They are all likely to be rejoicing now and rejoice they should. We penned a short article explaining how the mortgage bust can be mitigated.
We will be coming tomorrow for more news about Bitcoin pricing. Stay tuned!
Edit: Correction, according to Coin Desk’s recent price index, Bitcoin’s slumped below $10,000 again.