Hello and welcome back to NewsBTC TV. Bitcoin finally climbed past $4,800 and its market cap is currently over $80 billion. The cryptocurrency had been struggling for a few weeks after it hit a record high on September 2nd, followed by China’s crackdown. But the cryptocurrency market had some good news when the Japanese government and its financial regulator gave licenses to 11 cryptocurrency exchanges including BitFlyer, which has over 800,000 users. Taiwan also does not seem to share the same opinion as China as it supports ICO’s and bitcoin. According to a report by the News Lense, KMT congressman Jason Hsu said that, “just because China and South Korea are banning, doesn’t mean that Taiwan should follow suit – there is a huge opportunity for growth in the future. We should emulate Japan, where they treat cryptocurrency as a highly regulated, highly monitored industry like securities.” Financial Supervisory Commission chairman Wellington Koo this week promised to leave space open for cryptocurrency development.
Abu Dhabi’s financial regulator has set out guidelines on initial coin offerings. Richard Teng, chief executive director of the ADGM said that, ”ICOs have transformed the capital formation landscape and global regulatory frameworks are evolving to adapt to such innovation. Participants exploring the issuance of ICOs that offer real value to the market and wish to operate within our regulatory framework are encouraged to engage us early to gain insights into the applicable regimes.”
Some analysts believe we could see higher volatility ahead as Bitcoin approaches another fork, which is expected to happen in Mid-November. So the question is will it react like it did in August, when we saw it surge even higher despite concerns of a crash or will we see a larger price correction due to complications? Ronnie Moas, founder of Standpoint Research, told CNBC that, ”there has been a rotation of money out of the lower-quality names and into bitcoin,”. He added that many are speculating that “bitcoin will rally following the upcoming fork as it did following the August 1 fork” into bitcoin and bitcoin cash.
Ethereum prices remain under pressure as investors are waiting for the Byzantium hard fork, which is expected on October 17th. Ethereum remains just under $300 today. Bitcoin Cash dropped below $300 on Monday before climbing past $350, today it is around $330.