Bitcoin Prices Firmly Above $4000 Without China

By September 27, 2017Bitcoin Business
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Bitcoin traders have got a couple of things right lately. The digital currency can survive and thrive without China. And government regulation is positive, not negative, for the future of Bitcoin and other major cryptocurrencies. It adds credibility to the market, while limiting the supply of new coin offerings.

Most cryptocurrencies traded sharply higher on Wednesday, following recent news that US and Japanese regulators are getting serious about writing the rules for the cryptocurrency markets. Bitcoin prices held above the $4000-mark, close to 30% above the recent low.

Coin/Investment Trust Change 24H*
Bitcoin (BTC) 6.30%
Ethereum (ETH) 5.63
Litecoin (LTC) 6.10
Bitcoin Investment Trust Shares (GBTC) 6.79

*As of September 27, 2017, at 4pm

That’s certainly bullish from a technical point.

A couple of days ago the Securities and Exchange Commission (SEC) announced the creation of a Cyber Unit that will monitor cyber-related misconduct, including “violations involving distributed ledger technology and initial coin offerings.”

“Cyber-related threats and misconduct are among the greatest risks facing investors and the securities industry,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division. “The Cyber Unit will enhance our ability to detect and investigate cyber threats through increasing expertise in an area of critical national importance.”

Meanwhile, Japan’s Financial Services Agency (FSA) is considering placing virtual currency exchanges operating in the country under full surveillance, effective October.

That’s according to a story published recently in Japan Times. The FSA will check whether the exchanges for bitcoin and other cryptocurrencies have the right internal controls in place in order to protect customer assets.

Bitcoin traders response this time around is in sharp contrast to their response back in July when cryptocurrencies traded sharply lower following an SEC ruling that cryptocurrency “IPOs” or Initial Coin Offerings (ICOs) are investments, and therefore, should be subject to the same rules as regular stocks.

Coin/Investment Trust Change 24H*
Bitcoin (BTC) -9.10%
Ethereum (ETH) -11.20
Litecoin (LTC) -8.34
Bitcoin Investment Trust Shares (GBTC) -5.39

*As of July 26, 2017, at 4pm.

But it’s the right response. Besides, the actions of the American and Japanese regulators are moderate compared to those of the Chinese authorities, though these actions may be just temporary, as it was discussed in a previous piece here.

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