After falling below the $ 8,500 level earlier this month, yesterday's Bitcoin (BTC) price has once again returned to the $ 9,000 range. Here are 3 main reasons why the top cryptocurrency is about to return to its February peak.
India removed the ban on cryptocurrencies
As Toiyeubitcoin reported recently, India actually accepted the use of cryptocurrencies when the Supreme Court of India decided to repeal the Indian Reserve Bank's ban on banking transactions related to cryptocurrencies. Degrees (RBI). The judges concluded that the central bank has no authority to restrict the operation of cryptocurrency exchanges and other crypto-related companies.
Specifically, the judges agreed that virtual money is not money but a commodity, so it is not under RBI's oversight.
The cryptocurrency community in India is confident that the government will become more friendly with cryptocurrencies. India is the second most populous country after China, representing a huge market for Bitcoin and other coins.
Cryptocurrency trading is legalized in Korea
On March 5, the Korean National Assembly recognized that cryptocurrency trading is legal. While buying and selling cryptocurrencies is not a problem in Korea, it now has clear instructions on how to conduct cryptocurrency operations.
Congress has passed a revised bill on reporting and using special financial transaction information, thereby accepting cryptocurrency transactions as a legitimate activity.
However, the new revision does not overlook the obligations of cryptocurrency companies and wallet providers to comply with KYC rules regarding real name checking.
The stock market is plunging, investors are focusing on Bitcoin
Another bullish signal for the cryptocurrency space is that the stock market has collapsed since mid-February amid concerns about a corona virus outbreak. As a result, investors are turning their attention to safe-haven assets, and cryptocurrency is one of the best options.
On Thursday, all 11 S&P 500 sectors fell. FXTM analyst Lukman Otunuga said in a note to investors:
"The panic situation is very clear. We still don't know the full impact on the company's earnings in 2020, and if American companies achieve zero income growth, that's a fluke. "
Other possible reasons for Bitcoin's price increase in the near future include the halving event – expected to take place in May, which receives a lot of anticipation and the devaluation of the current fiat currency, as banks Major central banks are cutting interest rates to reduce the impact of corona virus.
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According to Bitcoinist
Translated by ToiYeuBitcoin