Bitcoin Price (BTC) is largely controlled by trader’s sentiments regarding the future fundamentals of cryptocurrency markets. Trader’s sentiments have been improving sharply in crypto markets over the last week, driven by bullish price predictions and regulator input to control unfair practices.
Rather contrary to the previous precedent of “going against” government interference and regulation, the management of Ripple (the third largest cryptocurrency), has invited the government to play their role in cryptocurrency markets.
“We’re at that time now where we need more clarity and rules, and we need more certainty. It’s a good time to start revisiting that ‘wait and see’ approach taken by regulators,” Ryan Zagone, director of regulatory relations said.
Source Image: coinmarketcap.com
The cryptocurrency markets didn’t react sharply to the notices sent by U.S. Attorney General to thirteen cryptocurrency exchanges. In fact, bitcoin price moved above $8000 level again today after dipping to three day’s lows on Tuesday. Bitcoin price was under pressure yesterday due to the tax season, which is now officially ended.
New York Attorney General Eric believes that cryptocurrency exchanges should clearly disclose basic facts about their operations.
“With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money,” said Attorney General Schneiderman in the release.
Upside Is Ahead, Analysts Say
Bulls are capitalizing on improving traders sentiments over the last week. Technical chart analysts are also adding to bull’s optimism. Moving averages and oscillators started showing positive signals for bitcoin price movement.
Analysts believe bitcoin price movement shows the potential bullish trend considering Bollinger bands model. Technical analysts expect bitcoin price to hit the next resistance level of $8500 soon. Market pundits, however, are hoping bitcoin price to cross $20,000 levels in the days to come. They claim higher regulations will attract new investments from retail and institutional investors.
Featured Image: Depositphotos/© Paulpaladin