In last weeks, bitcoin trading was full of emotion, almost like a russian moutain. Late investors saw $16,000 convert into $ 6,000 in a matter of days. And now? Has that oscillation already finished? Well, according to Chuck Jones, there is more room to rise up than falling down.
Bitcoin hit a higher of just beneath $20,000 in mid-December right after rising about 20x since the beginning of 2017. It then went on a fairly steady decline to a low about $6,000 on February 6 (note that there is certainly no single site with an official Bitcoin or other cryptocurrencies rates).
Throughout the 1st week of February Bitcoin fell from $10,000 to its $6,000 low, which was also when the equity markets had been falling. After increasing incredibly rapidly the next day to above $8,000 it traded in between $8,000 and $9,000 for any week. Beginning on Wednesday it began to climb above $9,000 and on Friday crossed $10,000. Arguments can be created that Bitcoin could fall to $1,000 or rise to $100,000, but no less than for now Bitcoin appears to possess steadied itself .
The February 6 low also mirrored when the Chairman on the SEC, Jay Clayton, and J. Christopher Giancarlo, Chairman on the CFTC, or Commodities Futures Trading Commission, offered testimony towards the Senate Banking Committee. There was a great amount of angst going into their testimony that would negatively influence Bitcoin along with other cryptocurrencies. On the other hand, from their remarks there seemed to be tacit help for cryptocurrencies so long as they adhere to existing regulatory frameworks.