The move by South Korea which was targeted at protecting retail customers and curbing speculation was of great impact since it was the reason behind the $14,000 rebound. It was also what sent the cryptocurrency sliding yesterday.
A lot has been happening lately and the news about bitcoin apparently finding a bottom has attracted a lot of attention from around the globe especially among traders. All these took place on Friday and it is clear for anyone to see that business dynamics around the globe are shifting pretty fats with bitcoin rising to become a major subject of discussion.
The 5.3 percent climb by bitcoin to eventually stand at $14,684 at 12 p.m. in New York was a matter that has left behind pretty much to be drooled over by the various market analysts around the globe.
An official that was well conversant with the matter opined, “The digital currency has slumped about 27 percent from its record $19,511 reached on Dec. 18, when CME Group Inc. introduced its futures contract. While bitcoin’s debut on regulated derivatives exchanges in Chicago was thought to have given it a new mainstream channel for investors to tap, so far trading volume has been limited.”
The South Korean government has been at the frontline in line with the most powerful voices showing great concern for a possible speculative bubble in the greatest cryptocurrency which currently stands at about 1,500 on a yearly basis. The South Koreans have been making payments of premiums at about 20 percent over prevailing international rates and that is in reference to what took place on Friday.
It tells quite a lot that bitcoin has recently been getting itself a place among the top spots even in the searches by Google. In the latest rankings by the search giant, bitcoin came in the second place behind the Globe news category.
Market analysts are slowly starting to spot the change and have been holding a series of discussions regarding the cyptocurrency. The ever shifting market dynamics are raising concern to some businesses whereas others are seeing the perfect opportunities for growth.
