Bitcoin has reached an all-time high as it crosses $5,200 for the first time ever. On Thursday, the cryptocurrency value surged by 8% and it was recorded at $5,231 (highest mark) before subsiding down to $5,196 (at the time of writing this piece). This has been above the cryptocurrency’s previous all-time high of $5,013.91 hit on 2nd September 2017.
The regulators had made public a lot of negative news around the bitcoin. Apparently, the investors have shrugged it off by investing a large amount of money in the cryptocurrency.
Also Read: Bitcoin – What is the fuss about?
Is China going to unban trading in cryptocurrencies?
Last month, the Chinese government decided to shut down the central exchange of virtual currencies in the country including the most popular one, bitcoin. The decision had been argued as means to prevent the public from shifting to a digital currency instead of using country’s own official currency. In addition, the Chinese regulators also imposed ban on Initial Coin Offerings (ICOs).
However, there are speculations that the trading of digital currencies might resume once again in China. According to a news report, bitcoin trading in China is likely to resume with more regulation this time. There are chances that the relevant exchanges might execute new licensing and anti-money laundering regulations.
The CEO of cryptocurrency exchange Gatecoin, Aurelien Menant said:
“Speculators are bullish on bitcoin’s value with the anticipation of China’s reintegration with global crypto markets”
The Managing Director at broker eToro UK, Iqbal Gandham stated:
“Recent criticism from industry and regulation crackdowns in China and Russia spooked markets in recent weeks and caused the bitcoin price to plummet. So we expect some investors to be surprised by bitcoin bouncing back”
He further went on to say:
“Yet bitcoin was designed to operate outside of the influence of governments and central banks, and is doing exactly that. So to us, this bounce back in price is no surprise”
Do you think it is the right time to invest in bitcoin or is it a little bubble which might explode anytime?