Bitcoin: $7000 mark exceeded

At the number of Korean cryptocurrency exchanges first cryptocurrency is being traded over $7k
02 November 2017   2898

Bitcoin continues its significant growth, by reaching another all time height.

Bitcoin price chart
Bitcoin price chart

At the moment of press, these are average parameters:

  • Price $6990.35
  • Market cap $116,455,211,549 
  • 24h volume $3,550,650,000

But at the number of cryptocurrency exchanges, Bitcoin is being traded over $7000. Among them:

  • Bithumb $7297.57
  • GDAX $7009.99
  • Coinone $7299.82
  • Korbit $7305.66
  • Bittrex $7095.44

Background

Let’s try to figure out, what are the background on these new price hights of Bitcoin. There wasn't any big news from yesterday, so, these news can still have affect:

  • CME to launch Bitcoin futures contract
    • World’s largest derivatives exchange, CME Group, is to launch Bitcoin futures by the end of the year. Assuming regulators grant CME’s application, the exchange will become the second U.S. regulated exchange to offer Bitcoin derivatives to institutional traders.
  • Bloomberg says “Bitcoin is going legit, for better or worse.”
    • This is unexpected move by one of the two leading providers of financial information for professional participants in financial markets.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   302

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.