Cryptocurrency Market Recovers to $500 Billion as Bitcoin, Ethereum Record Gains

For the first time in February, cryptocurrency recovered to $ 500 billion, and most major cryptocurrencies including Bitcoin and Ethereum recorded significant gains over the past two days.

In the past 24 hours, bitcoin has increased 9% from $ 10,030 to $ 10,850. The premiums on the South Korean cryptocurrency market have been rethought, and over the past 24 hours, Bitcoin has been traded on the South Korean market with 2 to 3 percent premium. At the time of the report, on Bithumb, South Korea's largest cryptocurrency exchange, bitcoin is trading at $ 11,200.

Compared to major markets such as Japan and the United States, the South Korean cryptocurrency market has a significantly lower supply of most cryptocurrencies. Therefore, when demand for bitcoin or other cryptocurrency spikes, premium rates tend to reappear. The resurgence of premiums is an increase in demand for local investors, which is an optimistic indicator of the short-term recovery, especially in the Asian market.

Bitcoin daily trading volume in all major cryptocurrency trades was stronger in the last 24 hours than any period last week, demonstrating sufficient momentum for a near-term recovery in the next few weeks. days. Several analysts have said that if the price of bitcoin can exceed $ 11,500, it will continue its momentum towards the $ 13,000 region.

Earlier this week, several mainstream media in South Korea reported that many families sent Bitcoin children and young adults as traditional lunar New Year money instead of money. Obviously, some cases of lunar new year money payments with bitcoin have not contributed to the recent takeover of Bitcoin. But, a significant amount of positive press has been released due to these instances, and as a result, the demand for bitcoin in the local South Korean market has begun to rise again.

Ethereum et al.
Ethereum and the rest of the main cryptocurrencies have more or less followed the trend of bitcoin prices over the last week. Only a few cryptocurrencies like NEO have surpassed Bitcoin in the past 24 hours and most cryptocurrencies have struggled to match Bitcoin's good performance.

Many ICO projects and tokens have gained value because of some optimistic reports from Switzerland. This week, Swiss watchdog issued a country office guideline, with the aim of regulating country offices with transparency. As most country offices are based in Switzerland, the government's plan to enable country offices to be conducted in the future creates a better ecosystem for blockchain projects.

Peter Todd, a Bitcoin Core developer and cryptocurrency expert, said that if governments decide to regulate IFAs, they should strictly regulate IFAs that do not appear to be harmful or detrimental to investor protection.

"I'm just saying that if they exist and that they feel that their mandate is to prevent damage, the harm they should prevent is not obvious fraud - these are things that are not obviously fraudulent. That's where the real harm is, "said Peter Todd, who plans to further discuss the state of country offices at the Genesis London conference Feb. 22.