Published: Wed, February 21, 2018
Markets | By Erika Turner

Bitcoin rises as South Korea talks 'active' support for trading

Bitcoin rises as South Korea talks 'active' support for trading

With a Bitcoin price and value of less than $6000 just weeks after that meteoric rise, many who had jumped on the Bitcoin train for the first time were disappointed to see their investment ruined with such a big loss in value.

Bitcoin prices went into free fall earlier this year that saw it dip below the $6,000 (£4294.20) mark.

While stocks are tied to the performance of a company, Bitcoin price and value is largely determined by speculation.

Bitcoin's bull run continued today as its price traded above $11,000 for the first time since January 28.

Bitcoin's continued rise is also reflected across other cryptocurrencies, with the combined market capitalization now standing at almost $510 billion - up from $282 billion just two weeks ago.

South Korea has been pushing for broad regulatory supervision of cryptocurrency trading as locals, including students and housewives, have entered the market despite inherent risks and warnings from policymakers around the world of a bubble.

The U.S. CFTC chairman said, "regulators should have a thoughtful and balanced response and not a dismissive one".

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Besides, analysts predict that bitcoin will continue its upward momentum.

The cryptocurrency has been surrounded by negative headlines since the start of this year.

If this sounds overly cautious, consider the recent insights of someone who you might otherwise assume is a true believer in cryptocurrencies: Vitalik Buterin, the co-founder of the cryptocurrency Ethereum.

However, those who have been investing in cryptocurrency for any period of time know that the Bitcoin price and value is incredibly volatile, and has seen massive spikes and drops over the course of its short life. He suggested investors invest the money only if they can afford to lose.

Since January mid there was a huge crash in the cryptocurrency market.

Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. Now that the market is more settled after the intervention of the government, new tax obligations continue for exchanges for the a year ago.

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