Bitcoin trades horizontally as investors turn to China

Bitcoin new records

Bitcoin prices have been trading plainly for the past few weeks as investors wait to see How China’s regulatory environment would look like going forward.

The cryptocurrency’s price has traded primarily below the $4,000 mark since the second week of September according to CoinDesk Bitcoin Price Index (BPI). The currency was under a lot of volatility after prices surged to more than $5,000 on September 2 and then promptly falling back from the level.

After the decline of the price of Bitcoin, other digital currencies on the other hand were pushed in higher, but experienced little resistance as the regulatory environment for these digital assets made it more an unreliable asset.

The cause of the drop in bitcoin prices was that Chinese authorities banned initial coin offering on September 4. This was after the nation’s government officials investigated the exchanges, as well as them permitting no-fee trading, earlier this year.

In other news, there is still a lot of development and scaling work done in order for Ethereum and other cryptocurrencies to overtake existing financial systems.

The crypto markets rallied just this weekend to close the week on a moderate incline, the bitcoin price headlined the advance with a leap back to $3,800 but Ethereum price progressed at an even more impressive rate.  There are more than 90 of the top cryptocurrencies that made positive movement, helping lift the total cryptocurrency market cap back above $130 billion.

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