Despite Bitcoin’s failed attempts to settle at over $7,500 in value, experts are claiming that cryptocurrency is finally starting to “look good” after a period of uncertainty.
Bitcoin Starting to Stabilize Since the 2017 Surge
Bitcoin recently jumped up a respectable 10 percent in around 30 minutes, reaching a high of $7,523. However, it failed to settle above the $7,500 mark and ultimately fell as the day progressed. However, cryptocurrency expert Barry Silbert said that things are starting to look good for Bitcoin.
Silbert said that a lot of people were waiting to sell, but have finally started to run out of energy. There are no longer opportunities to make a quick sale since the price surged to almost $20,000 last year in December, and despite negative comments about Bitcoin from several industry influencers, the price of Bitcoin hasn’t moved for a long time. It’s a sign that Bitcoin is finally starting to stabilize and potentially start to increase.
The Rise of Bitcoin and the Decline of Other Cryptocurrencies
Since Silbert’s comments, Bitcoin is currently trading at $7,730.60, a drastic increase and a sign of good things to come for the popular cryptocurrency. This number shatters the $7,500 mark that it previously failed to settle at a couple of days ago when the statements were first made.
Ethereum also saw gains in the past few days but has unfortunately dropped to $455.18 at the time of writing. Similarly, XRP has also been dropping and now sits at just $0.45, and Litecoin has dropped to $82.59. While Bitcoin has certainly grown in strength, the other popular cryptocurrencies have steadily begun to drop.
Future Concerns Due to US Congress
Unfortunately, Bitcoin prices are expected to take a hit soon due to US Congress issuing its judgement on whether the cryptocurrency and alternatives can be considered real money and can be regulated like traditional currencies.
Congress will be evaluating the merits and uses of cryptocurrency by central banks, and also discuss the future of cryptocurrencies and physical cash. Hearings are a great step in the right direction, and companies with an international presence are encouraged to give their advice on the best practices and approaches when dealing with cryptocurrencies and how they can affect the market.
Any laws that Congress pass will have a direct impact not only on cryptocurrencies in the US< but also on foreign companies that do business within the states. It will also affect any companies that are looking to enter the US market, and it’s important for US lawmakers to engage in dialogue with other nations before making a decision.
The price of Bitcoin is just one telling sign that things are starting to look good for the popular cryptocurrency. However, future hearings will ultimately shape how Bitcoin fares in the coming months. Although Silbert is confident that Bitcoin is starting to stabilize and rise in price, cryptocurrency can fluctuate greatly and even the slightest hint of news could drastically change its value.