Bitcoin has been struggling over the last couple of weeks, with considerable volatility influencing the value of the cryptocurrency. However, thanks to rising investor interest, another rally occurred Thursday morning which pushed Bitcoin to a new all-time high.
The newest all-time high according to CoinDesk is well above the previous ATH of US$5,013 reached back on the 2nd of September. It finally seems like the market has managed to shrug off the negative news that had affected bitcoin over the past month.
Not long ago, for instance, Chinese regulators decided to ban initial coin offerings (ICOs), used by start-ups to generate funds for their projects. A few days later, China’s government also decided to ban the trading of digital currency within the country, thus shutting down the operations of numerous exchanges.
Negative news has also come from Russia, where at a conference in Sochi, President Vladimir Putin stated that “the use of cryptocurrencies bears serious risks,” some of which include tax evasion, money laundering, and terrorism financing. To make matters worse, the first deputy governor of the Russian Central Bank stated, “We cannot give direct and easy access to such dubious instruments for retail investors.” Rest assured that Russia will not ban digital currencies, though. The country’s finance minister announced last month that there is no use in banning cryptocurrencies, but that regulation is essential.
Despite all this negative news, it seems bitcoin investment is not slowing down. Luckily, reports have also surfaced hinting that trading may resume in China, but under much stricter regulation. If this ends up being the case, it is likely that further value growth would be witnessed.
The latest predictions made by economic analysts throughout the world indicate that bitcoin’s value is likely to continue growing. For instance, a former Fortress Investment Group hedge fund manager speculates that the growth will not stop anytime soon, and that in the next 6 to 10 months we can expect bitcoin to hit US$10,000. At the same time, Trace Mayer, a popular digital currency investor and one of the first bloggers to publicly recommend bitcoin and blockchain technology, advises that the bitcoin price is likely to reach US$27,395 in only four months.
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