At the time of writing, the price of bitcoin has managed to pull itself out of the dark hole it was trapped in and climb further up the financial ladder. While the spike it’s recently incurred isn’t really anything to break champagne out over, it is a reminder that bitcoin can never be brought down permanently, and that the coin is far more resilient that we could have ever thought.
Bitcoin Is Again On the Rise
The currency is now trading for just over $10,700, which is about $300 more than where it stood just 24 hours ago. Again, nothing special, but it’s something. The world’s number one cryptocurrency by market cap has a habit of sliding up and down like nothing, so whenever an upward maneuver occurs, it’s always a positive thing to make note of.
So, why would bitcoin suddenly be on the rise? Some big things have occurred this week to potentially move bitcoin further into bullish territory. For one thing, India has been given a chance to instill crypto legislation that would make the talk of an alleged ban simply white noise.
India has been one of those countries that just can’t seem to make up its mind when it comes to bitcoin and cryptocurrency. The country instilled a law that forbid any financial institutions from doing business with companies that dabbled in crypto or blockchain technology.
While trading itself was never banned, the companies that made trading possible were not permitted to garner bank accounts or any other standard services or tools that are typically available to most other firms throughout the country. However, after two years of such nonsense, it was decided by the country’s highest court that the law was unconstitutional, and it was immediately reversed.
Things really started to change from there. India became a hotspot for crypto activity, and it looked like the country was about to become a leading bitcoin haven when recently, it was announced that legislators were looking to instill a full crypto ban that would denounce all trading, selling and purchasing of cryptocurrencies.
Some Items Pushing It Forward
A ray of hope exists in a company called Buy U Coin, which is introducing a basic package of legislation to lawmakers throughout India in the hopes that they will consider simply regulating crypto rather than fully banning it. Doing the latter would undoubtedly put India behind and prevent it from serving as a financial technology center.
There are other factors potentially contributing to bitcoin’s sudden rise. MicroStrategy is inadvertently giving other companies access to crypto, and the U.S. presidential election is inching closer and closer. It was also announced by Bloomberg analyst Mike McGlone that bitcoin should technically be trading at $15,000. Perhaps the coin is embarrassed and trying desperately to catch up.