The bitcoin of the cusp has once again shown its uncertainty. According to reports, Bitcoin regained the $9000 mark. What is the reason for the bitcoin price increase in the bitcoin price under the influence of multiple negative news?
This week, the price of Bitcoin took another "roller coaster". This ups and downs of price performance once again proved the uncertainty of this virtual cryptocurrency.
As of press time, according to data from the CoinDesk trading platform, the bitcoin price once again stood at $9000 after a few days of sharp rebounds, and the 24-hour increase was over 12%. Compared with the lowest price of 6,000 US dollars on Tuesday, the increase is as high as 50%, and it has returned to the price level at the end of January this year. In addition to the price of the CoinDesk platform, the prices of several bitcoin trading platforms including CEXIO, CoinBase, Bitfinex, and Bitstamp have successively exceeded the $9000 mark.
The reason for the rise in the price of bitcoin in this round is mainly because the two major bitcoin regulators in the United States, the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) have released positive signals for the role of Bitcoin. The heads of the two agencies said that the relationship between Bitcoin and blockchain technology is very close, and the two cannot be separated. Therefore, from the perspective of blockchain technology application, Bitcoin cannot be negated in its entirety, and virtual currency is associated with blockchain technology, which can promote the development of secure payment technology.
Just this Tuesday, bitcoin prices were under the influence of multiple negative news, prices have been falling all the way, the lowest point fell below 6,000 US dollars, setting a new low in two months. According to the current price calculation, the cumulative decline in bitcoin prices has exceeded 60% by 2018.
Not long ago, Bitcoin had just experienced a series of negative news that had multiple effects on prices. Including the Indian Finance Minister, India will not recognize Bitcoin as a legitimate currency. Three well-known financial institutions, including Citibank, Bank of America and JPMorgan Chase, will no longer allow users to purchase Bitcoin with credit cards. The representative of Lloyd Bank Group, the largest bank in the UK, also said that it does not allow the group to purchase cryptocurrencies with credit cards.
On the other hand, Steve Strangkin, head of investment research at Goldman Sachs, a US investment bank, also warned that the sharp drop in bitcoin prices is a bad sign when market consolidation occurs, and eventually the value of most cryptocurrencies will probably return to zero.
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