Bitcoin is allegedly entering a recovery phase, and is now trading for just under $9,000. Following two harsh weeks of negative sentiment from both Google and Twitter, bitcoin is once again showing an ability to surpass the latest resistance levels and spike through new territory.
Many allege that a positive response to this year’s recent G20 summit has a lot to do with bitcoin’s recent “high.” While $9,000 doesn’t seem like much – especially in comparison to last year’s December figures – it remains strong when compared with bitcoin’s low point of roughly $7,600 witnessed earlier this week. The 2018 event – which took place in Buenos Aires – and its aftermath likely have much to do with bitcoin’s gradual, but noticeable rise.
Figures like Mark Carney, who were long-term, cautionary opponents of bitcoin and cryptocurrency, arrived at the conclusion that bitcoin and virtual money were not presently in need of global regulation. Though popular, they still account for a very small percentage of the modern financial infrastructure, and thus didn’t present serious threats to the industry’s status.
Sentiment remains that the financial arena is bound to change and alter with time, particularly as more is known about cryptocurrencies and their overall effects on the global economy, but for now, not much will be done. This has led to many bitcoin advocates breathing a huge sigh of relief – one that was likely heard around the world, and wherever cryptocurrencies are traded.