Bitcoin, the digital currency that has turned into the new “gold” among investors and traders around the world, is in for two big tests. The first test is simple, and involves Bitcoin’s price chart. The digital currency must overcome the barrier of the $5000-mark, which it already crossed last night before pulling back towards the $4800-mark. Milestone numbers are important for traders following price and volume charts, as they confirm/reject market momentum.
The second test is more complicated. It involves the actions of big governments that have been following with great unease the rising in popularity of Bitcoin and other cryptocurrencies that threaten to abolish their monopoly in creating money and collecting seigniorage income.
Back at the end of July, the SEC ruled that cryptocurrency “IPOs” or Initial Coin Offerings (ICOs) are investments, and therefore, should be subject to the same rules as regular stocks.
That ruling sent all major cryptocurrencies sharply lower, before rebounding towards new highs.
Full story at http://bit.ly/2wAd1GD
Source: Forbes
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