Another Week, Another Bitcoin Record

We see yet another record hit by Bitcoin. It went up 8% yesterday to reach $11,700. The question last week was--would it break the psychological barrier of $11,000? And, now the infamous cryptocurrency is flirting with the $12,000 mark. This 8% increase follows on the heels of the low it hit on Thursday of $9021.85. Additionally, this marks a 30.5% growth from the same day. If you follow the continues news reports of last week, you have seen a wild ride of highs and lows. The numbers strengthened to $11,500 on Wednesday and then dropped $1000 within only 24 hours. Speculation is just as wild and varied. So, some predict that it will continue to grow and could see $40,000 by 2018’s year-end. Meanwhile, others say that we will see the biggest bubble of our lifetime. Ultimately, they predict an ultimate crash and burn. Another quick drop followed a high. The UK and EU governments introduce new regulations. This is amid concerns that people are using Bitcoin for money laundering, tax evasion, and backroom drug deals. So, many governments across the pond are making plans to end the anonymity that Bitcoin provides. The regulations proposed would force any websites that accept Bitcoin to report any suspicious transactions. The UK is also considering these regulations. This will happen within the first part of 2018. Many purchasers of bitcoin value it precisely for its current anonymity. However, if it were to have a regulatory framework, it could be more likely to stabilize into a long-term. A higher reaching trajectory the opposite of its current volatility.

At the time of writing, Bitcoin is at $11,382.90.

This article is third-party analysis. It does not constitute any financial advice, which can only be provided by a certified financial adviser.

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