Bitcoin’s increasing legitimacy sparks rally on exchanges
Bitcoin traders were waiting to hear just the words Department of Justice representatives offered up. When the DOJ told a Senate committee that Bitcoin constitutes a “legal means of exchanges,” prices surged. One BTC commanded $744 on the Bitstamp exchange, and prices flirted with the $900 mark on Mt. Gox. Bitcoin prices have increased more than 40-fold this year. Much of that has been brought on by an increasing level of interest from China, where a liquid, unregulated currency is seen as an attractive investment by citizens who have trouble even getting their national currency across the....
Related News
The bitcoin 'China Syndrome' fills the news these days with attempts by Chinese authorities to steer bitcoin legitimacy. This gives us an excellent opportunity to contemplate and reiterate the core attributes of bitcoin's overall strength. Bitcoin shows that national fiat money systems are an artificial construct. The debates around regulation are really restrictions on getting into or out of the US dollar rather than getting into or out of bitcoin. Dollar and other national currency endpoints will always be regulated. Aside from the fact that bitcoin survives and outlasts political....
The latest rally leaves bitcoin up 80% year to date, an enviable performance that's bound to inspire the fear of missing out among some investors.
Bitcoin has recently seen a massive rally for the past two weekends, giving rise to an increase in trading volume. Following a long period of low prices in the market. The recent rally has reignited a number of things in the market. Now including the trading volume, as volumes bounce back to levels before the […]
Long-term accumulation and the increasing popularity of DeFi yield protocols is siphoning Bitcoin away from centralized exchanges. Data from on-chain crypto information aggregator Glassnode indicates the number of Bitcoin held on centralized exchanges has fallen by roughly 20% in 12 months.The data suggests investors are accumulating BTC and withdrawing them from exchanges into cold storage, creating a supply crunch. #Bitcoin Balance on Exchanges taking another dive pic.twitter.com/F20tohfXsu— William Clemente III (@WClementeIII) March 7, 2021 On March 6, Glassnode also shared data....
Japan has recently executed an exchange intervention on the 30th of April with compelling implications for the Bitcoin market. This event follows Bitcoin’s bullish performance in the opening Q2, during which prices surged by 14%, providing much-needed relief amid the current bear market. Related Reading: Bitcoin’s Rally Looks Real, But Binance Data Says Demand Is […]