Bitcoin Price: UK and Indonesia Causing Market Turbulence
It seems Bitcoin has fully recovered from the major $9,000 price correction. Spil of the time of writing, the BTC price at CoinMarketCap amounts to $11,931, which is another all-time high.
Such turbulence te the market wasgoed caused by the UK and Indonesia this time. Despite thesis markets not being the largest ter the cryptocurrency industry, their attempts to regulate Bitcoin have caused its price to surge again.
The U.K. Treasury aims at expanding its anti-money laundering and counter-terrorism regulations to cryptocurrency. Spil digital money suggest anonymity and privacy, it is fairly effortless to use them for criminal purposes. Thesis fresh regulations will ensure trading platforms serve with government rules, thus preventing the usage of cryptocurrency for crime. Despite the fact that some might think it is an attempt to centralize the industry, te fact, this might be a benefit, spil regulations might ensure an increase of trust te Bitcoin and other forms of digital money.
The Central Bankgebouw of Indonesia , on the other arm, is programma to impose a kerkban on all cryptocurrencies to prevent people from using them for payments.
Cryptocurrency markets te thesis countries are far from being the largest and the most powerful te the world, however, there is no way such events would remain unnoticed and have no influence on the overall industry.
Most experts believe the upsurge will proceed spil, ter spite of some turbulence caused by minor markets, the request for cryptocurrency is still high.
Michael Terpin , managing director at BitAngels/CoinAgenda, CEO of Convert Group told Coinidol:
“Bitcoin supply grows at a immovable, ever-diminishing inflation rate, while request has recently come ter spikes far greater than the existing supply for sale can absorb, driven ter large part by media coverage of all-time fresh highs day after day. On the way up, it’s a virtuous cycle, with each fresh high feeding unearthing fresh pockets of request. At some point, the rapid price appreciation slows, experienced palms take some profits off the table and/or diversify into other digital assets, whereas inexperienced arms tend to scare sell.”
Simon Dixon, CEO of BnkToTheFuture , a global online investment podium that permits qualifying investors to invest te financial innovation including FinTech (Financial Technology) companies, funds and other fresh alternative financial products, seems to share this opinion:
“The supply is immovable and each year it becomes more useful. I feel the fresh request is mainly being driven by people using it spil digital gold seeking an uncorrelated asset to park their money te. Wall Street is preparing for regulated products backed by Bitcoin, and then they will drive it to Main Street. More are learning the benefit of possessing your own money, spending your own money, and the integrity of its stationary money supply.”
William Quigley, CEO of Paraffin wax , a decentralized toneelpodium that enables anyone to operate a fully functioning virtual marketplace with zero investment te security, infrastructure, or payment processing, also collective his opinion with Coinidol:
“For cross-border payments, there is nothing better than cryptocurrency. More people are beginning to understand that fact and it is getting reflected ter the price for bitcoin. “Within the past Five years, people have bot telling to mij ‘I wish I bought bitcoin last year but now it’s too expensive’. I fully expect to hear the same lament this time next year. I presume that by this time next year, $10K for a bitcoin will seem like a bargain.”