bitcoin

Bitcoin prices rose above $10,000 today, surpassing this key level as the digital currency benefited from stronger trader sentiment.

The cryptocurrency rose to as much as $10,218.01 on the CoinDesk Bitcoin Price Index (BPI).

At this point, the world’s largest digital currency by market capitalization (market cap) was up more than 70% from its recent low of less than $6,000.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]


Widespread Volatility

The broader cryptocurrency market has experienced widespread fluctuations over the last several weeks, as traders have responded to several regulatory developments regarding the treatment of these digital assets.

Iqbal Gandham, UK Managing Director at social trading platform eToro, spoke to this situation.

“Hitting $10k demonstrates the renewed energy in the crypto market, as it shakes off some of the volatility from the start of the year,” he stated.


‘Market Jitters’

He emphasized the sharp losses that digital currencies have suffered lately, noting that “Recent market jitters has led some commentators to suggest that we were witnessing the start of a continual slide.”

In spite of these concerns, Gandham stated that:

“We believe we have turned a corner, particularly off the back of news that regulators in the USA, Singapore, and South Korea have no plans to ban cryptocurrencies.”

Charles Hayter, co-founder and CEO of digital currency data platform CryptoCompare, also weighed on the key impact of regulatory developments, emphasizing that they will always influence market sentiment.

Following the latest news on this front, traders have become more positive, he stated.

“The bitcoin bull is back,” said Hayter.