Bitcoin value continues to climb
Bitcoin’s price broke through $11k over the weekend as the values of most cryptocurrencies continue to recover.
Recent fears over more stringent regulations that were attributed to the drop now seem to have subsided.
Bitcoin managed to break through the $11,000 barrier over the weekend, before a slight correction on Sunday.
Values managed to back push through that milestone again today with prices looking as though they will continue to rise.
The price of Bitcoin hit a high of $11,279.18 on Sunday, according to CoinDesk’s bitcoin price index.
Cryptocurrency prices have been slowly climbing after a massive sell-off in early February, which was triggered by tighter regulation fears.
The value Bitcoin is up over 80 percent since hitting its low of $5.947.40 on February 6.
Why is Bitcoin’s value rising again?
In one of the cryptocurrency’s key markets, South Korea, there were fears that an outright ban on crypto trading could be introduced.
However, as new measures were implemented, they were more positive and less strict than investors expected.
Earlier this month, Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), and Jay Clayton, the chairman of the Securities and Exchange Commission (SEC), gave testimony on cryptocurrencies in front of the Senate Banking Committee.
Their comments struck a positive tone, with Giancarlo suggesting that regulators should use a “thoughtful and balanced response and not a dismissive one.”
This has also helped to alleviate the tighter regulation fears.
Price rises have been returning across the cryptocurrency markets, with both Ethereum and Ripple also rebounding from the low of earlier this month.
The first major Wall Street strategist to cover Bitcoin, Tom Lee, said predicted that the top crypto will rise to $25,000 this year.
A top analyst at Saxo Bank, Kay Van-Petersen upped the ante with his prediction, saying that BTC values will hit $100,000 before the end of this year.