No one in the crypto trading and investing world wants to remember last week – time when the Bitcoin price was in a market correction falling down below $6,000 in numbers that no one would have guessed.
However, this week Bitcoin has been rising which gave the hopes up to many investors. The recovery happened this week and by February 7th, Bitcoin surged to $8,000 on the crypto exchange Bitfinex. Despite the price movements over the past couple of days, it has held above the mark since.
It appears that $8,000 is something like a base for the leading cryptocurrency. Bitcoin has stabilized at the point and could not break through $9,000 despite the brief period of trying on February 10th. Currently, Bitcoin is trading somewhere over $8,857 which is in line with the global average.
One reason for the recovery of Bitcoin lies in the so-called “Kimchi Premium” that is a moderate premium at South Korean exchanges, which rose in terms of value on Western exchanges (after disappearing at the beginning of February because of the implementation of new restrictions intended to cool the heated markets.)
At the time of writing, many exchanges price Bitcoin above $9,000 which may be an indicator for the new price of Bitcoin. Let’s just hope the leading cryptocurrency is on its way back to five-digit numbers.
Bitcoin ATMs Number Keeps On Increasing, The Question Is Why?
UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
Wall Street Investors Need ETNs To Join The Crypto Space: CBOE President
“The power of having that future there is also having an ETN that is more attractive to retail, and then institutions can lay that risk off on the listed futures market. [...] Absent that leg and introducing trackers or notes, I think we will be in this, 'It trades every day, but it is not the story.'”He also said that the main reason why regulators did not approve a Bitcoin exchange-traded product such as the (still-pending) ETF applications is that the regulators cannot protect investors from manipulation on a market. “You answer that question, you get your first ETN,” the president of CBOE concluded.
“Bitcoin Is The Only Blockchain That May Exist For The Next 100 Years” : Alistair Milne
“The probability that Bitcoin matches its ATH [all-time high] price again and doesn't then continue past it seems very low. Each wave of adoption is an order of magnitude bigger than the last,” Milne wrote in the Twitter thread that he started on Saturday.Meanwhile, Bitcoin suffered another drop which took it below $3,500, giving less optimism to traders hoping for a new bull run. The new downturn has led to many accusations from high-profile economics figures. However, Milne continued expressing his optimism and said:
“The next bull run will decide which public blockchains persist for the next 100 years. I believe Bitcoin is currently the *only* sure thing[.]”Aside from this, Milne also highlighted the interest by institutional investors and labeled Bitcoin's profile as the "gold 2.0" in the next round of adoption.
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