The bitcoin rally is proving hard to stop.
The cryptocurrency has breached $4,000, soaring more than 20 percent from the lows reached Friday, as concern eases that a crackdown by Chinese regulators will hinder the growth of the alternative method of exchange. After reaching a record high of $4,921 on Sept. 1, the digital currency fell as low as $2,975 on Sept. 15.
Prices are rebounding because traders in China are likely to switch to alternative exchanges or seek loopholes in the regulation, said Peter Van Valkenburgh, director of research at Coin Center, a Washington-based nonprofit research firm focusing on cryptocurrencies.
“The efficacy of any bitcoin ban is pretty dubious,” said Van Valkenburgh. “It’s bullish because if a powerful government like China feels the need to ban major trading, then it’s a good indicator that the technology works and that it does what it’s supposed to. If it overcomes those controls, then it’s further proof that it’s independent from government controls, which is pretty radical.”
Full story at https://bloom.bg/2w5m29n
Source: Bloomberg
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It does appear that way although I will say that the trend still looks down from the high. Until we break out of the downward channel, there is a chance we revisit the lower levels. Either way is good by me.
Head higher I make more money...lower I buy more.
Thanks for the post.
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This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond
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I don't know if there will be a rally. We might be cooling down here after a long nice summer up.
Followed and voted!
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Traders in China could always use a VPN to get around this. That's if VPN's are legal there.
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Ups and down that is the nature of bitcoin. Higher for making more money, lower for buying more bitcoin. You need to take the risk.
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thank you very much. 👍👍
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thank you for the free steem. 😊 Im new to steemit. How to increase my chances of earning more?
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