Bitcoin has surpassed $8,000 on January 17, 2020. It is the first time in two months since the $9,000 level collapsed in November last year.
According to the cryptocurrency exchange, the market price of bitcoin is currently at around $8,000.
The related industries attributed the rise in bitcoin prices to the possibility that cryptocurrency bills will enter the financial system centering on North American countries such as the U.S. and Canada.
According to “The Block,” the Canadian Financial Services Authority (CSA) released a new guideline to apply the securities law to most cryptocurrency exchanges in the country on through its official website.
The guidelines, based on some frameworks announced in March last year. Including “exchanges that provide securities-type tonnage and cryptocurrency derivatives are subject to securities law. As well as platforms that support cryptocurrency transactions can also be applied to securities laws.”
Canadian financial authorities explained that they have announced a new guideline on the “contractual right” of users for cryptocurrency because it could be a derivative. The guidelines also stated that even if the bourse does not support stock-type tonnage or derivatives trading, it applies to relevant laws if users have assets.
Bitcoin 2020 Breakthroughs
Also, according to the Wall Street Journal, Christopher Giancarlo, former chairman of the U.S. CFTC, dubbed “Crypto Daddy,” established a non-profit organization called the Digital Dollar Foundation. The foundation plans to study ways to convert dollars into blockchain-based digital currencies.
Meanwhile, NewsBTC said that the bears attempted to break the support of Bitcoin, which recorded $8,540 but failed. As a result, prices have risen considerably and exceeded the trading volume of more than $8,700, which was the previous resistance line,” it said. The current resistance line is close to $8,800 and $8,820, it said.
Meanwhile, the rise in the bitcoin market was attributed to overseas funds. According to Coin Hills dollar accounted for 72.39 percent of legal currency-bitcoin transactions as of Thursday. And the yen accounted for 16.97 percent of the transactions. The won accounted for 1.8 percent of the total trading volume.