Bitcoin stages recovery
On Thursday for the first time in two weeks bitcoin rose above the $10,000 level. Other major cryptocurrencies also rose. Apparently regulatory fears are subsiding.
Early Thursday afternoon bitcoin had climbed by 8 percent on the day to $10,200 on Coinbase the largest US exchange for cryptocurrencies.
BItcoin had hit a low below $6,000 last Tuesday and has now recovered more than $4,000. Ethereum, ripple, bitcoin cash, and litecoin also rose on Thursday.
At 17:29 UTC Thursday bitcoin rose above $10,000 to $10,218 but then dropped back to $9,865 at 21;59 but later on Friday rose above the ten thousand mark again. A coindesk analysis shows that there could be a further drop towards $9,000.
As I write this it is about 16:20 UTC Friday and the price of bitcoin is sill over $10,000 at $10,069 and is up from the open of $10,016. It had a low of $9,718 so far today. It appears that so far bitcoin is managing to stay above the $10,000 mark.
Ellen DeGeneres on bitcoin
DeGeneres said of bitcoin: “Everybody is talking about bitcoin, nobody understands it. It’s like a plot twist in a confusing movie, when you’re watching a movie and your friends are acting like they know what’s going on, and you’re like, ‘Yeah, I do too.'”
She also said that if you invest in bitcoin you will be either a millionaire or broke.
US regulation of bitcoin still a long ways off
Rob Joyce, special assistant to Trump and White House cybersecurity coordinator said Friday at the Munch Security Conference in Germany: “I think we’re still absolutely studying and understanding what the good ideas and bad ideas in that space are. So, I don’t think it’s close.”
Joyce stressed the need to better understand the risks and benefits of the currency before setting out any regulatory regime
