Bitcoin Price Move Above $7700
In the last 24-hours, as per the data on WorldCoinIndex, the price of Bitcoin has jumped by nearly 5% going above $7700. At the press time, Bitcoin is trading at $7730, with its market cap crossing $132 billion and its trading volume going above $7 billion.
Moreover, during the entire day, Bitcoin has been seen consolidating at around $7700 and looks like it might set its news base here, while setting up its next immediate target of $8000. Analysts have projected a bullish forecast for Bitcoin in the coming weeks as there has been a considerable increase with trading volumes crossing $1 billion across all the exchanges.
As such there is no major reason for the Bitcoin price to surge, but Forbes reports that this would be due to series of positive news coming from South Korea with respects to crypto regulations in the country.
Last week the country’s primary regulatory arm, The Financial Services Commission (FSC) formed a new policy-making body called the Financial Innovation Bureau to look after the burgeoning crypto market and promote the growth of finch space in the country.
In an official press-release, the FSC notes: "The FSC plans a major organizational reshuffle to better protect financial consumers and proactively respond to financial innovation in the Fourth Industrial Revolution era. The new Financial Innovation Bureau will also be tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges such as cryptocurrencies."
In the past few weeks, South Korea has been working on a number of initiatives to promote the token economy and bring its regulatory laws in coordination to the G20 directives. Just last week the G20 released a report in which it gave a green-flag to the crypto market stating that virtual digital currencies don’t pose a major threat to the global financial economy. However, the Financial Stability Board (FSB), an advisory body of the G20 said that it will have a strict vigilance over the functioning and developments taking place in the crypto market.
The FSB in the report mentioned, "While the FSB believes that crypto-assets do not pose a material risk to global financial stability at this time it recognizes the need for vigilant monitoring in light of the speed of market developments.”
Also, business in South Korea have welcomed the recent positive regulatory changes brought by the authorities. While talking to Korea Times, South Korea-based Fantom Foundation told: "Virtual coin and related blockchain technologies will come to our everyday life sooner or later. I think Korea can be an ideal incubator to test drive new virtual coins and their blockchain systems. Now it is the government's role to establish a favorable environment for virtual coins and their blockchains."