Two major cryptocurrencies show the signs of recovery after last-week market crashdown along with Bitcoin’s arch rival, Ripple, gaining the pace with 68% growth.
Following the news of the South Korea cryptocurrency ban has turned out to be a false alarm, the investors sighed with relief and resumed trading thus the market indicates a positive momentum for all existing altcoins.
On 18 January, Bitcoin, who has exhibited dramatic fall to almost 50% from its December high, now is trading for $11,924.20 per unit. Noticing on Wednesday’s morning the Bitcoin price was as low as $9,199.59, current surge considers promising and significant.
Ethereum on the other hand dived below the $800 mark to a three-week low of $780.92 Wednesday. But at the press time its price has lifted to $1,082.02, given the data provided by CoinMarketCap.Com. It was up 31.35 percent in the last 24 hours.
Ripple’s XRP, which is also known as ripple, takes a plunge and now rockets to $1.61 per coin. The digital currency — which is blamed among crypto enthusiasts on being backed by big banks — exhibits about 70 percent increase within last 24 hours.
However, the newly high gyrations of cryptocurrency market gives an excuse to sharp critical judgments related to the economical bubble ready to burst. Experts and analysts, who used to treat altcoins with skepticism, now take a chance to exempt investors from cryptocurrency frenzy.
The situation worsens due to the frequent cases of government invasion into crypto community. By examining crypto traders and trialing cryptocurrency transactions, the regulation authorities claim their actions to be aimed to prevent illicit activity embedded with crypto exchanges. According to recent statement of US Treasure Secretary, the US government has only starts to adjust to the crypto innovations and the restrictions needed to control the members of ecosystem are on the way.
Charles Hayter, CEO of digital currency comparison site CryptoCompare, in his interview to CNBC said:
“This (cryptocurrency) market is now big and governments are sensing revenue for the coffers as well as a threat in some degrees. This will catalyze regulation where regimes who legislate severely will balkanise themselves to the industry.”
In essence, Mr. Hayter has expressed posivive attitude towards upcoming regulations of cryptocurrency stressing “it will be good in the long run as the masses will be sure they are protected,” but warned that “unnecessary hoops and bureaucracy” could inhibit the industry’s potential.
Off regulatory issues, BitConnect, who was on a very long losing stick, now has surprisingly grown in its price right after the developer’s team has announced the shutdown of their lending and exchange platform. In the statement BitConnect has informed the members of their community that they are “closing the lending operation immediately with the release of all outstanding loans”.
Following the announcement, BitConnect increases on 410 percent and now solidly climbs to $43 benchmark.