The price of Bitcoin surged by 5% overnight in a new rise which saw it climbing it above the $7,700 level. After a relatively quiet Sunday trading where Bitcoin stayed between $7,400 and $7,500 – the new boost proved many that the past few weeks have been bullish for the largest flagship cryptocurrency.
When it comes to the actual reason about the boost, many analysts say that it is because of the investors taking their money out of other cryptocurrencies and sliding them into Bitcoin.
Other coins were still relatively low regarding their surge. Ethereum is right now trading at around $465 which is a mere 1% increase. Ripple and Litecoin remain relatively stable in the $0.46 and $86 levels respectively.
Some analysts predict a bullish forecast over the next couple of days and weeks for Bitcoin. However, a major sell-off of the largest cryptocurrency by market cap could indicate an opposite direction – despite the potential increase in volume.
Meanwhile, there could be another potential bullish setup that may see the Bitcoin rising to the next psychological target of $8,000. If that target is breached, analysts predict a quicker movement to the $10,000 level than expected. With this, Bitcoin may also drag other coins with it in a new surge.
Other altcoins which saw consistent gains over the past week also performed well over the weekend and on Monday.
Justin Sun Proves Crypto Is Not A Scam By Hiring A Former SEC Official
“We’re ready to fully embrace regulation here. We’ve just hired our first head of compliance, who previously worked for the SEC for almost eight years.”TRON’s founder wants to make sure that TRON is fully regulated in the United States but also Korea and Japan. He made a point that Blockchain is a like a new operating system and that the worlds need to embrace it and be more optimistic towards regulation. He continued saying:
‘’The SEC, I think also sees the blockchain as good opportunity for innovation in the United States. I’m hoping that this year the SEC will license and regulate coin-based exchanges. This year will be the year of full regulation.’’One of the ways that Sun can make blockchain mainstream is by launching the BitTorrent Token on the Binance Launchapd. BitTorrent is a file sharing protocol that serves 100 million users in more than 130 countries. Sun acquired BitTorrent for $126 million last year. However, former chief strategy officer Simon Morris of BitTorrent said that there is no possible way for the TRON blockchain to be able to handle the transactions conducted on BitTorrent’s network but at the end, he ended up being dismissed as an incompetent employee.
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."
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