Bitcoin Looks Stable at Above $8000 Once More; Are Things Looking Up?
It’s been a welcome few days for Bitcoin enthusiasts this week, as there appear to be signs that a recovery is on the horizon. At one point on the 8th February, Bitcoin even pushed back towards $9,000, but it has stablized somewhat at above $8,000.
You Can’t Keep a Good Coin Down
At one point a few days ago, it was all doom and gloom. The entirety of the top 20 cryptocoins suffered huge losses, with Bitcoin trading at well below $6000 for the first time in a long while. However, it has recovered by a significant amount, at one point trading up at nearly $9000 on the 8th February. Its current price of $8200 represents a satisfactory end-of-week recovery. Meanwhile, February futures closed at $8265 (CBOE) and $8245 (CME), which will also not disappoint, given the wider context of the crash.
This recovery has been long overdue, but even more pleasing given the plight of the Dow Jones, which suffered huge dips as it heads towards its worst week for nearly a decade. And despite Goldman’s midweek assertion that all cryptocurrencies could end up at zero in the near future, the market has seen significant recovery across the board. Indeed, Ethereum is back up over $850 and Ripple back near a dollar following its announcement of its new partnership with LianLian.
And the future might be fairly bright too. This week, the CTFC and SEC testified to the need for regulation, but not a ban. It would appear that regulation is inevitable in most countries, so financial entities that talk of regulation over blanket bans will surely be welcome in the crypto world. And if regulatory bodies of major global financial markets such as the US consider a sensible approach revolving around regulation for the sake of trader safety, then other countries are extremely likely to follow suit in due course.
Do you think that cryptocurrencies have turned a corner? Let us know in the comments.