The rise in the market of cryptocurrency: Bitcoin took another turn

Bitcoin

A mysterious investor who had recently purchased an astonishing $400 million in bitcoins has just become a cryptocurrency billionaire. That's seen by many as a sign that serious money is flooding back into the market.

Bitcoin has had a rocky start to 2018, but it is showing its resilience once again by hitting the $11,000 mark.

"Not sure who that big buyer was but many have bought this dip and have added since the rebound and additional regulatory clarity in the United States and Asia", Alex Sunnarborg, founding partner of Tetras Capital said, as quoted by Marketwatch. There were fears that a ban on cryptocurrency trading could come into effect, but thankfully the new measures were not as strict as once feared, which has likely had a huge and positive effect on the price of the currency today. However, while the majority of investments have some volatility, the Bitcoin price and value has been all over the place when compared to more traditional financial investments such as stocks.

Meanwhile, Bitcoin Cash is now $1,523.44 (£1090.33) and has increased by 22.89 per cent in the last seven days.

The last few months have been a rollercoaster for Bitcoin price and value, with cryptocurrencies across the board seeing a massive crash after record highs near the end of December. Thousands of millennials trade daily on the different cryptocurrency exchanges available in the country.

Essentially, Buterin's message urging caution isn't all that different from those issued by cryptocurrency skeptics such as Yale economist Robert Shiller, who has frequently spoken about how unpredictable the cryptocurrency markets are.

"We believe that the future success of cryptocurrencies will largely depend on the coordinated approach of global regulators and policymakers to regulate and enhance market participants' confidence in these instruments", Damak added. Litecoin was up $5, to $222.67, while Ripple XRP remained flat at $1.14. Unlike many online publications, we don't have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.

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