Spark Global Limited reports:
Bitcoin, the world’s largest cryptocurrency, is staging a spectacular rally, recently up more than 50% from its low, with more optimists offering sky-high price targets.
Amid a flurry of negative news, there were predictions that the cryptocurrency was about to return to the $20,000 low. Now, the market is once again predicting that bitcoin will continue to rise to all-time highs and beyond.
Bitcoin has been up for four straight weeks and is heading for a second straight month of gains. Overall, it was the fastest 21-day gain since February. As of 10:30 Beijing time on August 11, the price of bitcoin was $45,780 / coin, down 0.44%.
Meltem Demirors, chief strategy officer at crypto fund provider CoinShares, said in a phone interview:
“It’s making a comeback. Despite the new regulatory scrutiny, many investors see this as positive news and a positive catalyst because it removes a lot of confusion or some uncertainty. “I think it also shows that the crypto community is no longer some mysterious corner of finance.”
COINS 1. PNG
Despite promises from regulators around the world to crack down harder on bitcoin, it continues to rise in opposition. Securities and Exchange Commission Chairman Gary Gensler last week called the financial sector the “Wild West.” He also said there would be no compromise on investor protection when developing a regulatory framework.