Bitcoin to Regains Strength after Christmas
December 26, 2017
The price for Bitcoin has increased by more than 15% in just nine hours, exceeding the $16,000 point, according to the Coindesk price index.
Bitcoin traders have already gone through a very unstable
Only during the last month the value of the largest cryptocurrency increased by more than $10,000, rising to $20,000, then fell below $12,000 and now, having recovered, overcame the resistance level of $15,000.
The Bitcoin's cost has increased by about 15 times over the past year, as investors from all around the world began to pour their money into the cryptocurrency, while many experts call this phenomenal growth an obvious symptom of a bubble. Cryptocurrency enthusiasts also believe that the blockchain (the technology underlying Bitcoin) is capable of creating a completely new form of money, independent of traditional institutions, such as governments and central banks.
The lack of control over the cryptocurrency, as well as huge volatility, causes serious concerns among traditional financial regulators: the Israel Securities Authority (ISA) announced yesterday that it would prohibit companies associated with Bitcoin from being present on financial exchanges. At yesterday's conference, ISA Chairman Shmuel Hauser said:
"We feel that Bitcoin behaves like a bubble, and we do not want investors to be exposed to this volatility and uncertainty."