Bitcoin is showing investors more signs of its come backing ability as it sustained its positive momentum on Monday to stretch its winning ways to four days and returned near the $11 000-mark, two weeks after it fell below the $7000-threshold.
The number 1 cryptocurrency in the world in terms of market capitalization briefly touched $11 200 before closing at $10 912.37 per coin on a 5.1% advancement.
Investors bought cryptocurrencies yesterday as digital assets found a major support from a bout of positive news including US government’s perspective on the Bitcoin regulation after a top White House official confirmed that the Trump administration is not yet ready to push relevant regulations on digital currencies at least for the current moment.
Bitcoin lost almost trillions of dollars on its market cap in late January after a major sell off brought the popular crypto back below %7000 after touching its all-time high of $20 000 in December.
The sharp decline on Bitcoin’s value was largely due doubts if regulators and policymakers can come up with the right guidelines that will regulate digital currencies.
Analysts believed that the future of the crypto market will be dependent on the hands of its regulators to further boost investors’ acceptance and confidence towards Bitcoin and its peers.
Providing a solid backup to Bitcoin’s surge was a massive purchase from an unknown investor who bought a total of $334 million worth of crypto in just four trading days.