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Only a couple of days after China announcing the domestic ban of several exchanges trading bitcoin, the cryptocurrency is back with 30% price increase in several days. The news that the Chinese exchange bans will not really impact the overall cryptocurrency industry around the globe calmed the markets.
Only in the afternoon today, September 18th, Bitcoin is up with 9.32 cents trading at $4,012, as reported by CoinDesk, and the overall price level has increased with 30% since the close on Friday.
According to City A.M., there is still time for the “people’s currency” to reach the “eye-watering all-time high” of $5,000.
Although investors seem relieved and confidence is boosted, the focus of regulators on the viability of bitcoin and its future impact on the banking sector and the whole economy is a warning sign to what is coming up next in the cryptocurrency wave.
According to City A.M., the Bank of International Settlements announced that though the role of central banks in cryptocurrencies is “far from clear”, there is a pressing issue of how banks can create alternatives to the digital currency.
For instance, it was last week when the Financial Conduct Authority (FCA) expressed its concerns that Initial Coin Offerings or ICOs are actually “very high-risk, speculative investments” and ICOs are only for those “prepared to lose their entire stake”.