Everyone in the world of cryptocurrency will have noticed the Bitcoin price is increasing. In fact, it is increasing by quite a lot these past few hours. This trend was to be expected, though. Ever since the ETF rejection, Bitcoin has shown signs of a very bullish trend. With the correction out of the way, the march to US$2,000 can continue unabated.
Bitcoin Price is Rocketing Upward
The rise of Bitcoin has been quite remarkable to date. Despite some minor setbacks, all of 2017 has been leaning toward bullish momentum. That trend has now been confirmed with the latest Bitcoin price increase. As of right now, one Bitcoin is worth US$1,914. It will only take a bit more volume to push it toward US$2,000.
Although many people had expected Bitcoin to hit this price this year, no one expected it to be this soon. A lot of Bitcoin price predictions have been made for 2017 so far. Some bolder claims predict Bitcoin may hit US$2,500 or more by December. If the current trend can be maintained, at is not an unlikely target by any means. These are exciting times to be involved in cryptocurrency, that much is evident.
Although things are looking positive for the Bitcoin price right now, things can change at any time. It is doubtful the SEC will suddenly approve the Bitcoin ETF rule change proposal. Additionally, China’s trading regulations could be tightened at any given moment. The introduction of trading fees and controls is just the first step. A few exchanges will be penalized for not adhering to AML regulations as well.
That being said, regulatory concerns will not hold the Bitcoin price down necessarily. These concerns have been present for some time now. It is impossible to regulate Bitcoin itself. All governments can do is go after exchanges and companies dealing in cryptocurrency. Japan has been working on legitimizing Bitcoin, and it is expected other countries will follow their lead. Exciting times are ahead for Bitcoin, that much is evident.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.