Bitcoin price BOOM: Cryptocurrency nearly DOUBLES in value since market CLAMPDOWN

Bitcoin price BOOM: Cryptocurrency nearly DOUBLES in value since market CLAMPDOWN

Now, the recent increase of nearly 100% in Bitcoin's price is coming from the not-so-rigid regulations imposed by South Korea on cryptos.

At least one New York University student has already taken advantage of the price spike to cover tuition.

Discussions on bitcoin regulations are going on across the globe with USA also taking interest on this front, but it has emerged that at least in the US bitcoin regulation is unlikely to come any time soon. There are also debit cards such as Xapo, Shift Card and Wirex that let you load your digital currencies into a physical card so that you can use it in stores.

Bitcoin's upward momentum came to a halt late in the day on Tuesday, with Bitcoin sliding from a day high $11,780 to a closing $11,088.43, ending the day with just a 0.06% gain, following Monday's 9.4% really.

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. However, it becomes legal tender because the government declares it so.

Bangladesh is among the third world countries and has been seeing high levels of corruption and money laundering. Mark Carney who is presiding over The Bank of England, sterling itself has been a bad store of value and sterling fell 30.2% in 2016 alone after the Brexit vote and that's a massive fall in the value of sterling.

Bitcoin price BOOM: Cryptocurrency nearly DOUBLES in value since market CLAMPDOWN
Bitcoin price BOOM: Cryptocurrency nearly DOUBLES in value since market CLAMPDOWN

Mark Carney comments look strong because of the significant price volatility. However, these strict regulations then saw the price of Bitcoin plummet last month.

Some experts believe bitcoin's value could reach $60,000 this year. However, Ethereum and Litecoin casinos are beginning to see some traction.

Equally Dubai-which sees itself as the city of the future with flying taxis, robot cops, and autonomous vehicles-made a firm commitment in 2016 to be the first city running on DLT by 2020. There are only 21 million bitcoins, and more can not be produced. On February 2, over $100 billion was wiped from the global cryptocurrency market, all in 24 hours.

The cryptomarket will likely take its cues from Bitcoin however, with Bitcoin dominance continuing to rise, now sitting at 39.2. Many South Korean banks had been reluctant to open bank accounts which were to be used for cryptocurrency trading because of its ambiguous and uncertain legal position.

Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance.

However, several other banks have yet to resume offering crypto-related services. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.

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