Market confidence in Bitcoin saw it trading at a new high on Monday as it soared to $6,345.
News that South Korea is planning to regulate bitcoin as a commodity, in order to protect investors and businesses together with the possibility of the Chinese government to reinstate cryptocurrency trading were seen as the driving force on the rise of the price in Bitcoin.
Cryptocurrency Trading in South Korea
Behind Bitfinex the largest bitcoin exchanges Bithumb and Coinone in cryptocurrency exchanges in South Korea will in the next few months regulate the market of bitcoin and cryptocurrency markets. This follows the announcement from the South Korean government.
Reinstatement of Cryptocurrency Trading in China
While in China, after the re-election of President Xi Jinping legislation on his trade legislation and his support for free markets paves the way for Bitcoin exchanges to be reinstated. By November exchanges including ZB said that cryptocurrency trading will be available for traders.
According to Jon Creasy, bitcoin researcher who said that once legislation is in place he won’t be surprised to see the encouragement of trading with certain exchanges and cryptocurrencies by the Chinese Government.
The hard fork of Bitcoin Cash, Bitcoin Gold and SegWit2x of Bitcoin can be attributed to the recent price surge of bitcoin, with upward momentum of confidence in the market.
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