The price of Bitcoin is working on a religious climb, with its trading value at 10791 dollars which is 4.64% higher than the value it had on the previous day. It is also about 56% higher than it had been on the 5th of February, 2018. The cryptocurrency Cardano increased by 7% in a day, although it did not really boost the global market cap which too had risen by 3.4% to 463.2 billion dollars, but is still low by 10.60% since its 17th Feb high of 518.4 billion dollars.
The spotlight on Ethereum
Ethereum co-founder, Lubin, said to CNBC that Ether is a crypto fuel as only small amounts of it need to be paid whenever a program is run or some information is stored. Ether’s performance is a referendum as its price is driven by investors’ demand. The skyrocketing price of Ether has made Ethereum the richest platform of Blockchain technology. Lubin is the CEO of Consensus, which supplies consultation and developmental service to governments and businesses.
Co-relation between price of bitcoin and equity market
The correlation measured shows that the price of bitcoin keeps track with SP 500 when the market declines. This is ascribed to tolerance of risk, which when on a decrease, investors begin to withdraw their assets. It’s the same with other cryptocurrencies.
News of regulations
There is a long list of concerns that includes illegal ICOs, financial laundering, evasion of tax, cyber theft, leakage in transactions, excessive assumptions of price and more. These risks and factors had once been easily overlooked by government officials but with cryptocurrencies steadily pushing through to mainstream commerce and investment.
The Chinese government is scrutinizing banks and payment accounts of investors and companies engaged in cryptocurrency trading and are tightening its crackdown policies on crypto trading. ICOs and trading in cryptocurrency trading have been banned by the once actively supportive Chinese government. Cryptocurrency trading has disrupted the banking infrastructure so much that governments of several nations have cracked down upon cryptocurrencies. But many banks have begun employing blockchain technology and cryptocurrencies for their own benefits. Banco-Santander uses the XRP algorithm to conduct transactions amongst countries. Countries such as South Korea, USA, Japan and Australia are tightening the regulations instead of slapping an outright ban on crypto.