Bitcoin may hit $6500 in bullish cryptocurrency market
30 Oct 2017
Bitcoin price is currently well above 5000, and indications are that it would hit $6500 setting a new record. After it first hit $500 a month ago, its price movement has largely been predictable, but at times surprising all the same. However it has been able to reach its current market trading price of around $6,000 despite the fluctuations.
Commentators point out that the way things are going currently, either one of two things could happen. There could be a break below to sub-6k price territory, according to CoinDesk estimates the odds for a drop to around $5,400 are high, but there is also a chance that the current increase would continue and eventually hit a few hundred dollars higher than only 6k at $6500.
This would set a new record high and will be the highest that it has ever been since cryptocurrencies first appeared on the scene.
Meanwhile, the 19th National Congress of the Communist Party of China, the most important conference in China this year, ended on 24 October and at the end of the conference, a number of temporary regulations and policies have been cancelled as well. According to commentators the shutdown of Bitcoin trading in China might be among the cancelled regulations.
On 28 October ZB.com, a new cryptocurrency trading platform, announced that all trading functionality will be available from 1 November and users could sign up for accounts and deposit right away.
The platform said people from all over the world, including those in mainland China, could exchange and trade on the platform. The website is available to users in Chinese and English.
However, according to some commentators, the platform might be forced to close by the Chinese government. But some people claim that the Chinese government is behind the platform.