Bitcoin has reached a level of high in the past 3 weeks on the previous Tuesday. This rallying in the prices of Bitcoin is almost 100 % increment from the lowest mark which it had reached this year. The recovery of Bitcoin has went on even after the financial regulator of South Korea came down heavily over the crypto currencies’ exchanges. The South Korean regulator has even considered of closing the crypto currency exchanges altogether!
Financial experts have taken a leaf out of the news agency of South Korea which had reported that Mr. Choe Heung-sik who is the governor of the Superiority Service in Finances of saying that his government shall support the trading in crypto currency on only one of the condition that only normal transactions should prevail.
There were speculation of regulations of heavy measures and rumors were surrounding the phenomenon of crypto currencies that governments might shut down the exchanges of crypto currencies all together; which had caused the prices of Bitcoin to lose the edge in the recent few weeks. In such a scenario, the news of softening of stand of the Government of South Korea has come up as a cool breeze of hope for the traders; thus providing them with abundant confidence to invest and buy Bitcoin.
The heavy-handed regulations – which in the previous months, had send the world of crypto currencies go down; came as a result of the realization of the South Korean Government that even people having no technical know-how such as housewives and high school kids have swarmed the market of crypto currencies; despite having such grave risk in trading in these new age digi-monies. Also, the voices were heard regarding that big speculations might cause the phenomenon of Bitcoin to reach a state of bubble and ultimately shall puncture it!
The official voice from the South Korean Government came up as a serious blow to Bitcoin when it was declared that it is going to consider shutting the local exchanges of crypto currencies; which resulted in the prices of Bitcoin to drop substantially. However, later it was clarified that banning Bitcoin and other crypto currencies is one of the many measures which are in pipeline; and it is not the only single solution, therefore there is no finality that it shall be done.
With such positive news Bitcoin has improved its condition over the crypto currency exchanges of the world and one such crypto currency exchange the name of which is Bitstamp (located inside Luxembourg) traded Bitcoin at the prices of $ 11,800 on the previous Tuesday. This was the highest price within the passing 3 weeks. Also the lowest point in the life cycle of Bitcoin in this year was $ 5,900. Hence, it can be said that it has improved its prices by a whopping 100 % within the passage of 3 weeks. The analysis in the prices of Bitcoin in historical sense gives us a picture that a sinusoidal wave function is being followed by Bitcoin where come the periods of consolidation and then follows the quick advancement.