Bitcoin has continues its rise this month following news from South Korea that the government will support ‘normal’ trading of Cryptocurrency.
Previous announcements from South Korea had led many to believe that an outright ban was to take place. This led to a vast amount of panic selling, causing the price of Bitcoin and other Cryptos to fall.
According to yonhapnews The governor of the Financial Supervisory Service, Choe Heung-sik, stated:
“…the government “will support [cryptocurrency trading] if normal transactions are made.”
The price of Bitcoin has now risen to $11,837 (according to coinmarketcap.com), a significant increase from its price earlier this month, when it was just over $6,100 on 6 February.
News from Coinbase and Binance stating that they are to implement Segwit, has also contributed to Bitcoin’s recent rise. (We shall post further information on Segwit and its implications to Bitcoin transactions in the near future.)
The Crypto market is still extremely volatile, discussions are set to take place next week between EU regulators, who will most likely begin talks on new regulations. USA and Asia are also exploring new ways to regulate this new market. Be sure to stay up-to-date on the events and happenings, as the market can be severely affected (either positively or negatively) by one single event.
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.