Bitcoin had a strong upward rally and has crossed the $43,000 mark which is the highest the leading tokens have seen since May. The jump in the Bitcoin prices is a strong indicator of the bull market.
On August 6, Bitcoin prices jumped to $43,231 sending a strong bull sentiment in the market. Experts and analysts predict the bull to sustain after May 19. Explaining the movement, Rekt Capital said: “BTC has successfully claimed the 200 days EMA as support, a long-term gauge of investor sentiment towards BTC. BTC has also successfully claimed the 21 week EMA as support, a bull market indicator. The market is getting bullish.”
Bitcoin and cryptocurrencies are now getting more mainstream attention and recognition. At their face value, though many of the changes to regulatory frameworks across the globe may not seem crypto-friendly, they are providing some sort of legitimacy to these decentralized tokens. As such, crypto is a legitimate digital asset class.
With more defined regulations in place, the future is secure. The current spike in BTC prices can also be attributed to how the US is expanding its crypto tax regime and recognising them as assets worth considering.