Crypto News | Bitcoin Surge Overshadows Trouble in Japan

Here’s a riddle for you: Its value a week from now nobody sees, though not long ago it was taller than trees… Now up, up, up it goes, and once again it grows? You’ve guessed it: Bitcoin! The newest Bitcoin surge has led to a $1,000 price increase over the last 24 hours. Today’s $9,768.40 high is very impressive compared to $8,771.49 just one day ago. Many are wondering if this is the beginning of a new huge upswing. Remember, Bitcoin hasn’t crossed the magical $10,000 limit since January – that’s 15 days (it was $10,166.51 on Jan 31). Others believe that today’s Bitcoin surge is only temporary, and that the Chinese New Year will certainly stop Bitcoin in its track.

The price increase may be in part due to increased interest in Bitcoin and blockchain technology on the part of government agencies and regulatory bodies worldwide. On the one hand, you have the Commodity Futures Trading Commission (CFTC), which concluded yesterday that blockchain technology should be used more in the financial sector, especially when it comes to infrastructure. On the other hand, in the EU Parliament, a British member argued that embracing blockchain technology could be a way for Britain to stay relevant post-Brexit. These instances serve to increase Bitcoin’s reputation as a credible, reliable and respectable asset, increasing confidence both in average users and major companies, which helps fuel investments.

Far from these good news, in Japan, crypto took a hit… twice. First, Japan’s Finance Service Agency (FSA) warned Blockchain Laboratories (based in Macau) to comply with Japanese laws and obtain a license. Also in Japan, Coincheck Inc. came under fire, with a dozen investors suing the company to get back their crypto, worth approx. $183,000 frozen after last month’s massive theft.

On the fun side of things, aliens! No, they are not investing in crypto. As you know, so far we’ve had a hard time even finding any. And with mining becoming such a big deal now, SETI’s having an ever harder time, since the right hardware, especially cutting-edge GPUs, are in short supply. Still, if Hawking is right, and trying to find aliens is a bad idea, you’ve just found a new reason to invest in crypto. “I’m not trying to get rich quick, I’m saving the world!”


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Author: Max Rothstein

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