Despite U.S. efforts to curb its use, Bitcoin is on the increase, and the total value of the cryptocurrency market is up $84 billion
Bitcoin’s price surged to the verge of crossing $25,000 for the first time since August, riding the wave of gains across crypto markets as investors shrugged aside fears of a crackdown by US regulators.
By of 8:15 a.m. local time in London on Thursday, the biggest digital asset had gained as much as 3%, trading at $24,620. There was a general upward trend across the board for cryptocurrencies, with even smaller tokens like Ether, Cardano, and Avalanche seeing gains.
The digital asset market was rocked to start the week with news of a US crackdown on some crypto goods and a New York regulator’s decision to cease issuing BUSD, the third-largest stablecoin. But, they have now extended a recovery from the fall last year, with Bitcoin alone up about 50% so far this year.
Cici Lu, founder of blockchain advisory firm Venn Link Partners, said that the bullish momentum in cryptocurrencies was prompting speculators to liquidate their negative positions, so fueling the surge.
Consumers “forget” that Bitcoin’s free float may be constrained at times, and “when shorts are pressed, the price immediately explodes,” she added.
