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20 Feb, 2018 09:30

Bitcoin pushing higher as cryptocurrency market finds its swagger

Bitcoin pushing higher as cryptocurrency market finds its swagger

Cryptocurrencies led by bitcoin surged on Tuesday, as confidence returned to the market following regulation and safety concerns.

Bitcoin was up 6 percent, trading above $11,500, the highest it has been in February. Ethereum and ripple — the number 2 and 3 cryptocurrencies respectively — also rose, trading 1-2 percent higher. More than 80 percent of cryptocurrencies from Coinmarketcap’s top 100 list gained on Tuesday.

“The digital currency has had exponential growth but also presented important downturns. There is a decent likelihood that the currency could stabilize between $7,000 -$12,000 in 2018,” Swissquote Bank SA analyst Peter A. Rosenstreich wrote.

Bitcoin fell from $20,000 in December to below $6,000 on February 4. This week, the cryptocurrency got a boost after an unknown investor bought $344 million worth of bitcoin between February 9 and February 12. This reportedly triggered a buying spree by crypto enthusiasts.

Still, many countries like India and China are preparing stiff measures against bitcoin, while major banks have been banning cryptocurrency purchases using credit cards. The United States, hitherto neutral towards digital assets, is also considering new rules that could impose stricter federal oversight on cryptos, Reuters reported.

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