Bitcoin Price Watch: Currency Surges Past $9,800

Bitcoin now sits beyond the $9,800 mark. This is a $200 rise from yesterday’s $9,600, which in turn was about $200 more than bitcoin’s previous high. Sentiment is growing that the currency could surpass $10K as early as next week.

According to one analyst, bitcoin needed to jump past $9,200 to increase its “bullish profile,” which would ultimately get confirmed at a trading figure of $9,500. He further states that moving past $9,600 would enable further bullish trends. This has ultimately occurred, and the bull run bitcoin is enjoying is likely to continue into the summer months.

In the meantime, adoption and popularity for bitcoin and cryptocurrency in general continues to grow in Asia. A hardware wallet company known as Tangem, for example, is now issuing what it calls “bitcoin banknotes” worth approximately $0.01 to $0.05 that allow people to engage in physical transactions using bitcoins. The company has issued over 10,000 separate notes to its financial partners, and is looking to produce “millions” more by the end of the year.

A bigger boost comes by way of South Korea. The country’s national bank has expressed interest in issuing a Central Bank Digital Currency (CBDC), and is currently studying the effects such an asset would have on the region’s economy. The plan is to issue the currency by the second half of 2018.

Representatives of the bank stated:

“A taskforce has been studying the possibility of issuing a CBDC and how digital currencies will influence the country’s overall financial sector since January. We will announce updates on this issue by the end of June.”

Experts say heading into a cashless society could cut costs for Korea’s GDP by 1.1 percent. Analyst Kwan Hyun-soo at Shinhan Investment Corp. explains, “It can open the underground economy, and thus enhance equivalence in taxation. The shoebox full of 50,000 won banknotes that you see in movies will disappear.”

However, many have also voiced their concerns that a national digital currency could “destabilize traditional lenders.”

Aside from bitcoin, Ethereum is also enjoying a major price boost. The currency rose by approximately 2.67 percent just over 24 hours, and is trading for over $780 at press time. The asset is slated to hit $800 sometime next week, and the bull run is looking solid. Ethereum is now striking 2017 territory, and many are wondering if the currency will stand at $1,000 later in the month.

Sergey Brin, a co-founder of Google, says that ether mining has garnered newfound popularity, and is responsible for a sudden “boom in computing.”

“We are truly in a technology renaissance,” he commented. “An exciting time where we can see applications across nearly every segment of modern society.”

In addition, many are starting to place their bets on where they think ether will stand by the end of 2018. CEO of De Vere Nigel Green believes that one ether coin could be worth as much as $2,500, while Alexis Ohanian of venture capital firm Initialized Capital is even bolder in his prediction, saying that the currency could reach $15,000 by the year’s end.

“People can call me out if I am wrong,” he assures.

Leave a Reply