Bitcoin Price: UK Regulators Acceptance Could Encourage a Long Bull Run

Bitcoin Price

British regulators have hinted at their possible acceptance of cryptocurrency and as a result, the Bitcoin price (BTC) bull-run could expand even further. The trading environment has been changing dramatically in favor of bulls who expect robust growth in bitcoin price throughout the second half of this year. Bitcoin price breached the $9,000 mark today after steady growth in the last two weeks. The aim is to hit the $10,000 resistance level soon.  

Bulls are actively capitalizing on trader’s strengthening confidence in cryptocurrency markets. The price of the largest coin rose almost 50% since the April 1st low of $6,425.

Bitcoin Price

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Experts are optimistic for the return of the bull market due to the acceptance of cryptocurrencies in the mainstream financial system.

Rodrigo Marques, CEO of investment platform Atlas Quantum says, “At this point, it’s hard to argue against everyone benefitting from cryptocurrencies becoming more mainstream, mature and secure.”

British and European Regulators Could Fuel the Bull-Run

Several major markets like Japan, South Korea, and the United States have legalized cryptocurrencies in one or other way. Regulators from these countries have been enhancing trader’s confidence by creating rules and regulations for cryptocurrency trading.

Traders believe that cryptocurrencies could take further gigantic steps towards mainstream acceptance this year. They are actually pointing towards British and European regulators – who are pondering on how to deal with bitcoin and other digital currencies.

Bulls have been appreciating the UK regulators awarding of an e-money license to Coinbase.

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Barclay’s partnership with Coinbase is one of the factors that add to trader’s optimism. The British bank has now allowed Coinbase to open a bank account after seeing the huge growth in its user base. This is contrary to most British banks who have refrained from doing business with cryptocurrency platforms.

Barclays CEO comments also show the changing sentiments in British and European markets. The CEO said:I believe bitcoin deflationary characteristics suggest that in the long run, the market is bullish – while more institutional demand and regulatory clarity from the likes of the SEC and G20 are likely to stimulate the market even more.”

Featured Image: Depositphotos/© strelok

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