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Earlier today, October 30, the price of bitcoin reached a new record high of $ 6,345, while the market continues to be optimistic about in the case of bitcoins ETFs, the possibility that China will resume trading in cryptocurrencies, bitcoin regulation by South Korea and bitcoin forks.
Main factors of the recent surge in bitcoin prices
The recent surge in bitcoin prices from $ 5,800 to $ 6,345 can be attributed to a wide range of factors, including the high probability of bitcoin ETF approval and the recovery of Chinese cryptocurrency later this year.
Several analysts have also pointed out that the decline in support of Bitcoin forks such as Bitcoin Cash, Bitcoin Gold and SegWit2x (B2X) has contributed to the rise of Bitcoin, the market developing trust around the world. 39; original. The bitcoin blockchain remains the majority channel after the SegWit2x rigid fork in November.
More so, the South Korean government recently announced its intention to adopt bitcoin as a commodity and effectively regulate the market to protect businesses, investors and users. Behind Bitfinex, South Korean cryptocurrency exchanges such as Bithumb and Coinone are the largest transactional cryptocurrency trading platforms. In the coming months, the South Korean financial authorities will regulate the market to facilitate the growth of local bitcoin and cryptocurrency markets.
The Bitcoin price officially reaches a new historical record of $ 6,345 ?
Huge optimism around #bitcoin ETFs, the recovery of China, and South Korea pic.twitter.com/mM60SOH0nG
– Joseph Young (@iamjosephyoung) October 29, 2017
As noted by experts such as Max Keizer, given the success of strictly regulated cryptocurrency options, derivatives and futures trading platforms such as LedgerX, the probability of Approval of Bitcoin ETFs in mid-2018 has increased significantly in recent years. weeks. The LedgerX team explained that the demand for bitcoins from institutional investors and the traditional financial industry has exceeded its expectations.
"[Aucoursdelapremièresemainedelancementnousavonsconcludeséchangesdeswapsetd'optionsvalantplusde1000000USDFondamentalementcesopérationsontétécompenséesparLedgerXquiestlaseuleboursedecatégorieinstitutionnelleetdecompensationréglementéeparlesÉtats-UnispourlesmonnaiesnumériquesEtnoussommeslittéralemententraindecommencer" said LedgerX
China Crypto-coins and forks of Bitcoin
Other minor factors that may have influenced the short-term price trend of bitcoin are the potential for the Chinese government to resume cryptocurrency trading and declining support for bitcoin forks.
Last month, local researchers in China presented the possibility that the Chinese government would allow cryptocurrency trading after President Xi Jinping's re-election, given his support for free markets. This week, several exchanges, including ZB.com, revealed that users will be able to exchange crypto – currencies by November.
"President Xi Jinping is preparing for re-election on October 18 and wants to appeal to his communist voting bloc.My prediction is as soon as President Xi Jinping is re-elected – and he will be – conservative, free (er) -trade legislation will be put in place, and Bitcoin exchanges will be restored.In fact, I would not be surprised to see the Chinese government encouraging some trade and cryptocurrencies, once this bill will have been adopted, "said Bitcoin researcher Jon Creasy .
Unverified rumors surrounding the cryptocurrency recovery in China and the decline of SegWit2x and Bitcoin Gold miners, the bitcoin community and the industry have likely contributed to the price hike bitcoin.
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