Earlier today, the bitcoin price has achieved a new all-time high at $6,345, as the market continues to demonstrate optimism towards bitcoin ETFs, the possibility of China resuming cryptocurrency trading, South Korea’s regulation of bitcoin, and bitcoin hard forks.
The recent price surge of bitcoin from $5,800 to $6,345 can be attributed to a wide range of factors including the high probability of bitcoin ETF approval and China resuming cryptocurrency trading later this year.
Several analysts have also emphasized that the decline in support towards bitcoin hard forks such as Bitcoin Cash, Bitcoin Gold, and SegWit2x (B2X) have contributed to the upward momentum of bitcoin, as the market develop confidence around the original bitcoin blockchain remaining as the majority chain subsequent to the SegWit2x hard fork in November.
More to that, the South Korean government recently announced its plans to adopt bitcoin as a commodity and regulate the market efficiently to protect businesses, investors, and users. Behind Bitfinex, South Korean cryptocurrency exchanges such as Bithumb and Coinone are the largest cryptocurrency trading platforms by trading volume. In the upcoming months, South Korean financial authorities will regulate the market to facilitate the growth of the local bitcoin and cryptocurrency markets.
