Bitcoin Price (BTC) started reversing losses after finding the support around $6600. It appears that Bulls have successfully defended the second bearish spell of this year and they didn’t let BTC price to crash below the February low of $6000. Bitcoin price posted slight gains on Wednesday and the coin extending the uptrend into Thursday trading. BTC coin soars more than 11% today.
Bulls are of the opinion that crypto markets are set to regain momentum as investors have already digested concerns related bans, bearish predictions, and increasing regulations after losing 50% of bitcoin value in the first quarter.
Regulators Support Bullish Sentiments
The crypto investors are now much more certain than they were in the previous quarters. The uncertainties regarding the regulators’ behavior have been settling down since several countries have legalized cryptocurrency trading, contrary to the earlier predictions of imposing the complete ban.
Regulators are fueling investor’s confidence in crypto markets, as their trading guidelines have addressed all the concerns related to money laundering and illegal practices. The initial trading guidelines from the United States, South Korea, Japan and Australia clearly indicate that they have accepted cryptocurrency markets.
Cryptocurrencies are Here to Stay
JP Morgan Chase internal report states that cryptocurrencies are here to stay and investors would continue to create value by investing in Bitcoin and other virtual currencies. The internal report is contrary to the public opinion of its CEO – who previously called digital currencies a fraud.
According to the report, “cryptocurrencies would continue to face such volatility. Moreover, the ecosystem would move around the blockchain technology over a long period, and the loopholes of the blockchain technology would be filled up.”
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