Bitcoin is looking to throw a massive reversal after having a problematic month. The biggest cryptocurrency in the market is looking end the month strong with strong gains. Market performance and data are also suggesting a price recovery.
The whole crypto market has seen a massive beating entering this year with controversies flooding the headlines. The market has been plagued with the multi-million heist and numerous hacking in the past 3 months.
Japan’s Previous Bitcoin Heists and Legislations
Most recently, Japan’s 7 popular crypto exchanges were strike due to regulatory blunders. 2 of the exchanges were effectively shut down; those companies were Bit Station and FSHO and are currently halted to perform their operations.
The country felt a whopping $723 million heist on one of their local exchanges, Coincheck. The company experienced a massive online heist which prompted local government to issue some changes. According to the company, they will provide a new system to apprehend similar attacks in the future.
Furthermore, the crypto market has been shaken by countries’ local legislation and ruling. Some have effectively banned Bitcoin trading, while others have completely washed Bitcoin. Meanwhile, others banned ICOs and their trading.
South Korea’s Crypto Debacle
One of the most notable debacles Bitcoin had this year is with South Korea. That single country managed to drag the BTC price from nearly $20,000 to an abysmal level below the $10,000 mark.
The rampant money laundering cases tagged with the crypto made the local Government Issue new legislation. Furthermore, the country also issued a massive ban hammer on ICOs or Initial Coin Offerings.
Twitter’s Dorsey on Bitcoin Futures
Today, the crypto’s prices are buoyed by a strong statement by Twitter’s CEO Jack Dorsey. The social media platform’s CEO noted that Bitcoin might be the future single global currency in the world for the next decade.
According to Dorsey in a previous interview with a prominent newspaper. The process may even take less than the 10 years he initially stated. The Twitter CEO is a personal believer of the cryptocurrency and has been reported to have a personal investment in Bitcoin.
This announcement managed to climb by incremental figures after Dorsey’s statement, pulling the prices higher at $8,450.01. The digital currency managed to tally a respectable 2.97% increase after slumping for over a week now.
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