The Bitcoin price has once again enjoyed a rollercoaster ride this week, with the value of the cryptocurrency dipping 7 percent against the dollar over the last twenty four hours. Indeed, the entire cryptocurrency niche has experienced challenges over the last couple of months, with both Ethereum and Ripple declining quite strongly as well.
Recent falls in the Bitcoin price can be attributed to activity in Japan. One of the largest Bitcoin exchanges in the East Asian economic powerhouse, Coincheckhas rather suddenly ceased trading. What is arguably more serious about this issue is that it has also prevented customers from withdrawing money. No reason has been given by the Tokyo-based exchange for this decision, but it could be that Coincheck is facing political pressure from the government in Japan.
Certainly regulators in East Asia have been less than positive about cryptocurrency, and activity in South Korea has also negatively impacted on the Bitcoin price worldwide. Such an event is bound to create negative market sentiment towards Bitcoin and other cryptocurrencies, and there has been further news from the US Treasury Department that has catalyzed this phenomenon. The undersecretary for terrorism and financial intelligence within this key area of government has informed banks and financial regulators in Asia that they must make more efforts to introduce satisfactory legislation related to cryptocurrencies.
While the current Bitcoin price undoubtedly still represents a triumph for its creators, the digital currency is certainly facing its fair share of assaults over the last few weeks. Business leaders congregating at the World Economic Forum in Davos have been similarly hostile towards Bitcoin, and particularly focused on the development of the blockchain during a recent get-together.
Although the Davos forum had a positive message on the potential of the blockchain, Bitcoin was heavily criticized by the powerful elite assembled. Of course, it should be noted that these individuals have a vested interest by virtue of their position, and that their take on Bitcoin was always likely to be hostile.
One could just as easily argue that currency itself has no intrinsic value either. Nonetheless, the biggest names in the financial world continue to speak out against Bitcoin, and this will undoubtedly have ramifications for the blockchain going forward. However, despite the general tone of hostility, several leaders in the cryptocurrency space also attended the event in Davos. They were naturally bullish on the potential of Bitcoin and the blockchain going forward, and opposed the views of some of the financial elite.
Other attendees were also positive on the potential Bitcoin price, with Nic Cary, co-founder of cryptocurrency wallet Blockchain, suggesting that the protect currency niche in fact has a rosy future. Certainly the intention with Bitcoin from day one was to create a genuine currency, and in this respect the digital payment system differs from rivals such as Ethereum and Ripple.
While the cost of Bitcoin may be a bubble, many believe that the underlying fundamentals of the currency mean that it will recover in the near future, and even exceed its existing peak. Meanwhile, Robinhood, a mobile application aimed at savers, has confirmed that Bitcoin and other blockchain training services will be available from next month. So while this has been a testing time for cryptocurrency and the Bitcoin price, it does seem that there is some positive news on the horizon.
And technical charts indicate that a big move on either side is imminent, meaning that the Bitcoin price will probably continue to generate headlines for some time to come. Search News On ValueWalk.
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