Bitcoin Price: Bitcoin’s Up 10% In 7 Days – Is The Bull Run Back?

Story by: Billy Bambrough

The last week has been a good one for Bitcoin, with the price rising more than 10% according to CoinMarketCap data. Since the beginning of the month Bitcoin is up some 27%.

Following last week’s strong gains Bitcoin has been hovering under the $9,000 mark but has recently been under pressure due to tax-related selling ahead of the U.S. tax deadline last week.

The threat of increased regulation is still a dark cloud hanging over Bitcoin sentiment, however, with many fearful the U.S. Securities and Exchange Commission (SEC) is about to crack down on initial coin offering (ICO) issuers.

“Bitcoin’s price has shown resilience multiples times this year when it has dropped below $7k, even in the wake of negative events such as India’s recent ban on banks engaging in cryptocurrency-related activity, Mt Gox trustee sales, and tax-related selling,” said Garrick Hileman, cofounder of the cryptocurrency data and research firm Mosaic.io.

“Positive drivers include reports that major financial institutions, such as Barclays, are getting more serious about entering the crypto space,” Hileman added.

In March the trustee overseeing the bankruptcy of the defunct Mt. Gox cryptocurrency exchange denied being behind the 2018 sell off after it emerged he had sold $400 million of Mt. Gox’s Bitcoin since last September.

Meanwhile, one of the world’s biggest bitcoin exchanges, Coinbase, struck a deal allowing it to open a bank account with Britain’s Barclays.

Despite similar moves to make Bitcoin and other cryptocurrency trading more legitimate there have been as many set backs as advances.

Original story: https://tinyurl.com/ya3hwd7h

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