The bitcoin value reached to an all-time 12 percent high after the reports about the Chinese authorities lifting the ban on cryptocurrencies came into the news. The bitcoin rate worth reached to $5391 as per the reports suggested by the global financial website, investing.com. If compared with the hike from the previous weeks, the value of cryptocurrencies has grown to 24 percent in the current month as per the reports from investing.com.
Bitcoin is the most popular cryptocurrency known till date. The bitcoin rate has increased to fivefold if compared with the worth of the coin from the previous years. There are a number of facts that have affected the worth of bitcoin in the international markets.
One of the most prominent reasons being Chinese government could ease the restriction on the bitcoin trading. Additionally, the political crisis in the Spain’s Catalonia is one of the reasons for bitcoin value projection. Among all these reasons, one possibility could be the increased demand from the investors wanting more in the markets.
“The SEC is concerned about how most of the markets [for Bitcoin] has traded outside of the U.S. with no regulatory oversight,” BKCM CEO Brian Kelly said. “As of this point, I don’t think the SEC would approve the ETF. What would change my mind is if the ETF or SEC only traded Bitcoin on regulated exchanges.”
If some current reports from the China are to be believed; criminal activities involve trading in cryptocurrencies like bitcoins. As bitcoins are easy to exchange, it has become the top choice for the users who are interested in the underground economy.
Bitcoin’s sudden rise in the market and among the companies that take bitcoin is, of course, a result of the fact that China would resume the trading of the bitcoin with a series of regulations that are expected to benefit the users. There were will be new license and anti-money laundering in order to add more to the bitcoin value projections.
Bitcoins are centrally controlled currency, which is why it is easy for the users, stakeholder and those in money laundering business to trade in the bitcoin easily. Additionally, no one controls the money and it is another beneficial news to everyone who trades in the bitcoin. Well, the recent projection in the value of the money was a result of the all the reasons that are cited here.