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Bitcoin Continues Resurgence, Soars Past $11,000 Mark



Bitcoin continues its resurgence as it broke past the $11,000 mark for the very first time since January.

The price of the cryptocurrency is currently trading at $11,524.40 according to market resource, CoinMarketCap.

Bitcoin’s price has gradually been on the rise after a huge sell-off earlier this month, which was sparked by fears over regulatory uncertainties, rumors of price manipulation in the market, and a hack on major cryptocurrency exchange Coincheck that saw more than $500 million pilfered.

Bitcoin is up more than 80% since it hit rock bottom at $5.947.40 on February 6.

Over in South Korea, fears were abundant that cryptocurrency might be banned. But as updated measures were applied, they were less strict than investors initially projected, and many have already tooted a positive note.

Earlier in the month, the chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, and the chairman of the Securities and Exchange Commission (SEC), Jay Clayton, gave their testimony in front of the Senate Banking Committee on cryptocurrencies.

They sounded upbeat, with Giancarlo saying that regulators should have a “thoughtful and balance response, and not a dismissive one.” This development has also helped ease fears of tougher regulation.

Bullishness appears to be on the comeback to cryptocurrency markets, with both ripple and ethereum also in trading in the green.

Tom Lee, the very first major Wall Street strategist to cover bitcoin, said recently that bitcoin will likely rise to $25,000 this year.

Kay Van-Petersen, an analyst at Saxo Bank who precisely predicted the cryptocurrency’s surge at the start of last year recently told CNBC that bitcoin could go to $100,000.

However, there are still major organizations and personalities that remain cautious about the potential for cryptocurrencies to crash.

Goldman Sachs stated in a note this month that most digital coins are likely to fall to zero while Ethereum founder Vitalik Buterin also warned that cryptocurrencies are a “hyper-volatile” asset class and “could drop to near-zero at any time.”

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