Bitcoin price continues to increase in the stock market and remains on course to reach the $4,500 level after falling below $3,000 due to the regulatory campaign by China against cryptocurrencies. As of press time, Bitcoin is trading at $4,291, a 3.91 percent decrease on the day.
Based on a price action analysis, the possibility of the Bitcoin to regain its record highs has improved after the bullish price action over the weekend.
It has posted an 11.3 percent week-on-week increase, but still down by 4.9 percent on a monthly basis. Trend indicators, however, showed a lack of vigor in the market, which will surely test the patience of investors. Another slight cause of concern is the sustained weak volumes in the market.
The recent sharp decline in Bitcoin price was due to the move by the Chinese government to prohibit the conduct of initial coin offerings (ICO) in China. The government argued that nascent fundraising mechanisms like ICOs are illegal under the country’s domestic laws.
Full story at http://bit.ly/2hS1hvN
Source: CoinTelegraph
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