Bitcoin Back Over 10K- Bitcoin Shrugs Off Bad News, is Climbing Steadily Higher
With Bitcoin back over 10K, Bitcoin is proving the critics and the cynics wrong yet again thanks to crossing back over the $10,000 line and staying there. Bitcoin has been on a slow and steady rally the past several days. While still halfway from it’s high of nearly $20,000 just two months ago, Bitcoin is steadily climbing from a February low of under $6,000.
With Bitcoin back over 10K most other cryptocoins, as usual, follow suit. Crypto currency investors are breathing a big sight of relief at seeing their portfolios look green for the past few days.
While the sustained rally that brought Bitcoin back over 10K is a global event involving hundreds of thousands of people, some Bitcoin whales have been spotted making VERY large buys today to the tune of over 1,000 BTC. That’ll drive prices higher all by itself.
Then there’s the drought of Bitcoin bad news with good news filling the void. We recently reported on Coinbase Commerce, a gamechanger for Bitcoin markets as well as the other big coins. Then there are positive signs in South Korea that they will more than likely pursue a licensing system for their cryptocoin exchanges to crack down on illicit activities than an out-and-out ban. Earlier this week the CFTC in the United States convened meetings signalling no intention to regulate cryptocoin beyond the myriad of laws already on the books as well as a slew of enforcement methods.
With Bitcoin back over 10K it looks like the FUD has faded and the FOMO has returned. Experts like the redoubtable Tom Lee, among others, predicts new all-time highs for Bitcoin by July. I don’t think it’ll take that long. I think this rally, while starting out slow in the past few days, while gain steam and pickup momentum leading to fresh highs sooner rather than later.