Bitcoin and Cryptocurrencies have become quite the buzz these days; fresh on the mind of millennials and oldies alike. Far too many people bought in during its December peaks near $20,000, and not long after, it tanked to a low in the $5,000 range. This is far from uncommon in the world of cryptocurrencies.
Bitcoin hit the mainstream in 2017. Less than a year prior, no one except devout techies and maybe a couple finance guys had ever heard the word "bitcoin." Now, you're lucky if you haven't been interrogated about it by your barber, or grocery store clerk.
Bitcoin on the move?
After the January 2018 lows, many are hoping it will soon rally to new heights. Though just last May, Bitcoin was only $2000. Now, its making millennials rich.
On January 28, Bitcoin hit a new recent high, barreling past $11,500. Known for its volatility, it soon after has cozied back down to under 11k.
Like the stock market, Bitcoin prices can be subject to news, special events, even holidays.
Crypto news influences prices
From CCN.com, "Bitcoin’s advance has been notable both because it occurred during Chinese New Year — which often places sell pressure on cryptocurrencies — and because US legislators appear to have formed a bipartisan consensus around regulating cryptocurrencies.
That Bitcoin continues to rise even against this backdrop is a testament to its growing anti-fragility in the face of external threats."
As Bitcoin chatter has become much more common, governments are talking amongst themselves, trying to determine the best course of action.
We've seen activity on both sides of the fence. South Korea, a huge player in the cryptocurrency space, and one of its top financial regulatory advisors have come out in support of cryptocurrencies this week.
"South Korea’s Financial Supervisory Service (FSS) chief Choe Heung-sik said the government will back the cryptocurrency industry to develop in the country. Specifically, the official said the government will support “normal transactions” of cryptocurrencies, three weeks to the day after the government moved to curtail anonymous accounts trading in crypto markets in late January," reported CCN.com.
India has also shown support, as its Prime Minister has given cryptos a vote of confidence, telling his country get ready to adapt to the new technology.
Other the other side, "The Central Bank of Poland has admitted to sponsoring a smear campaign against cryptocurrencies on Facebook, Google and Youtube. This news was first reported on a Polish news portal, money.pl," according to CNN.
What will happen next? Your guess is as good as ours. Stay tuned.
