The crypto currency market continued posting huge gains in the past 24 hours with the main gainers being Ripple and Dash. These two currencies saw their price soar by over 30% to reach record highs of 0.92 and $1500 respectively. Ripple is close to the sensitive milestone high of $1 and as soon as this is reached, investors and analysts have predicted a huge rise in price that could see it move ahead like Ethereum and Litecoin. Bitcoin had a relatively bad day yesterday as its price declined to around $16000, well over 20% from its all-time high of $20,000 reached only a few days ago – the beginning of the week to be exact. Conversely Bitcoin Cash continued rising to record highs and at one point touched the $3500 mark but eventually fell back by about 10% to settle at $3100-3200, thus erasing most of the day’s previous gains. Litecoin saw its price dip to around $300 also on Wednesday but by Thursday morning, this crypto currency had climbed substantially to reach the $330 mark, a 10% increase which showed that investors had shrugged off the fact that Litecoin’s inventor Charlie Lee had sold his stock in the currency citing a conflict of interest.
South Korea considering regulation of crypto currency market
It seems like the South Korean government is looking to commence regulation of the crypto currency market that could see heavy capital gains taxation introduced. This is being done to avoid speculation according to public announcements but this piece of news has seen a resurgence in interest in private crypto currencies that are currently not listed. This perhaps explains the considerable rise in price with regards to Dash and Monero which saw double digit gains over the past 48 hours and are still rising as of press time. Financial analysts and commentators have said that regulation is really quite a good thing as it will avoid possible wild speculation and the consequences of a bubble which could seriously hurt those who have ploughed millions into the crypto currency market.
Interest revives in stock market due to the sensational rise of Bitcoin
There has been a renewed interest in the stock market as of late with several new investors ploughing their money into technology stocks. According to some investors such as Laszlo Birinyi, this is due to the phenomenal rise of Bitcoin that has got a lot more people interested in stock market investments. This has resulted in a bull run on the NASDAQ, Dow Jones and the Standard and Poors indexes which have all seen double digit gains throughout the year and many experts predict that with the massive tax cut recently announced in the United States, the indices will only be rising further to record highs. The launch of Bitcoin Futures has also added some sort of legitimacy to the market which is expected to continue to boom in the near future.