Bitcoin Price (BTC) is slowly but steadily rising since it bottomed at the $6000 level one month ago. Meanwhile, BTC price experienced stiff resistance in breaching the $11,000 mark; the coin continued to trade in the $10,000 range over the last two weeks. Ripple, Ethereum and the rest of the cryptocurrencies continue to bull-run even with substantial threats of a sudden crash.
The broader rally in cryptocurrency market gets the support from bulls; who believe the market value of cryptocurrencies will double amid regulators interference – they mainly refer towards the U.S. and South Korean regulators. Ripple (XRP) price jumped above $1.08 today after trading in the narrow range of $0.90 to $0.95 in the last few weeks.
Are Cryptocurrency Traders Foolish?
Few Regulators don’t appreciate the bullish trend; cryptocurrency investors are ‘fools’ in their view, and they have several serious reasons to support their criticism.
China, India, Bangladesh and several other countries have rejected digital currencies altogether, while the Bank of England has been strongly condemning digital currencies.
The Bank of England governor, Mark Carney has rejected cryptocurrencies as a medium of exchange and as an alternative currency option.
Mr. Carney said: “The prices of many cryptocurrencies have exhibited the classic hallmarks of bubbles including new paradigm justifications, broadening retail enthusiasm and extrapolative price expectations reliant in part on finding the greater fool.”
Carney raised several critical questions about cryptocurrencies, and his concerns are probably factual. Kevin Murcko, CEO of cryptocurrency exchange, agrees with Mr. Carney, but he thinks regulation is needed.
Illegal Activities Supports the Bull Run
Some market pundits say illegal activities are helping the bull-run for bitcoin and other cryptocurrency prices.
Aside from the general public’s trade, banned countries like North Korea, Venezuela, and Iran are using cryptocurrencies to avoid U.S. and the United Nation’s economic restrictions. North Korea moved more than 200 million with the help of digital currencies last year, while Venezuela has raised almost $1 billion through Petro coin ICO – which is backed by crude oil.
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