March 20: the Bitcoin (BTC) price broke the $9,000 mark today after a difficult beginning in the year in which the price reduced by almost 70 percent from the December high of $20,000.
Following the December high the BTC price has moved downward in fits and starts. On January 17, BTC rate was down to $9,724, less than half of in which it was a month formerly when it scraped the underside of $20,000. The month of February started out with BTC dipping under $9,000 for the first time considering that late Nov. 2017.
By February the price had sunk to just $5,922, with skeptics claiming that it could sink even decrease. By late February and early March, BTC was fluctuating across the $9,000 mark, with changes spurred by information of recent regulations on exchanges by the American Securities and exchange commission (SEC).
US-based corporate lawyer Dean Steinbeck told Cointelegraph that securities regulations need to be reworked to provide unique guidelines for ICOs
“I do think that the Securities Act of 1933 should be amended to properly accommodate token sales and clarify when they should be considered securities offerings. The marketplace needs this as the regulatory uncertainty is paralyzing so many projects.”
A return to prices above $9,000 could offer the self-belief many traders and buyers need for the BTC cost to develop even further.As Cointelegraph reported March 20, the G20 decided not to crack down on cryptocurrency and opted for an extra moderate approach of virtually classifying cryptocurrencies as assets. Some see this as a possible purpose for crossing the $9,000 psychological threshold.
Others are more skeptical that the results will be durable, and notice the maximum bump above $9,000 to be a part of a holding pattern that requires another, stronger increase so as to break the barrier.
At press time, Bitcoin was trading at $8,976.45