As the market comes back from its worst slump, the favorite crypto currency is at its best.
The volatility of crypto markets has made it highly infamous in the economic sector. There is constant pressure amongst the different entities involved to adjust to the requirements of the volatile markets. It is also this feature of virtual currency that makes a lot of prospective users to doubt its credibility; moreover, its newness also leads towards widespread suspicion in the countries struggling to maintain a stable economy. The recent behavior of Bitcoin and other prominent virtual currencies has led to a lot of doubts in the market, but recently, all these doubts can finally be laid to rest as Bitcoin reaches its highest after facing a steep fall in the past month.
Bitcoin was up by two thousand dollars this week, which is a lot of growth if we were to keep in mind its slack in the past two months. What is still ailing the Bitcoin markets is that it has not reached the position it has held in the previous years and is not living up to the expectations of several experts who had believed that Bitcoin would do much better than it is doing in this year. It is a popular opinion in the market that the increase in the value of crypto currency has a lot to do with any kind of positive news that might be floating around regarding crypto currency markets, for example, the price of Bitcoin increased after the news that Blackrock, the giant management company might be interested in investing in it. A few experts in this field are also of the opinion that US Securities and Exchange Commission authorities would allow the formation of Bitcoin Exchange-traded fund which is being asked for by certain prominent exchanges, if such an activity is carried out, it can be the best news for Bitcoin because it would reach its most coveted, “2017” value, that is, it would reach the mark of value it had reached in the previous year.
Moreover, in the past, when such a venture was introduced in the market, the value of Bitcoin had reached the historical peaks, thus surprising a lot of its users. However, as of now, there has not been any commotion regarding the formation of such an organization, that is, no such official announcement has been made regarding the development of an institution like that.
Even though such a thing has not made an appearance in the market lately, it does not neglect the fact that various authorities from different countries are trying to come to terms with the ideas and norms of crypto currency. That is, efforts are being made by the government of several countries to understand and incorporate the manner in which the crypto currency functions.
Even as Bitcoin reaches a high point in the market, it is necessary to remember that there are a lot of challenges for it across the way, for example, competition from the start ups and the effect of different banks and their policies.