- Bitcoin (BTCUSD on xStation5) established its new high on Sunday above $6200
- Bitcoin-related jobs skyrocketed during the third quarter, the ability to manage an initial coin offering among the main skills looked for by companies
- Vietnamese central bank seeks to ban Bitcoin activities developing a legal framework for digital currencies
Bitcoin traders have begun the new week in upbeat moods after the digital currency set its new all-time high on late Sunday. Bitcoin surged close to $6300 (the price quoted on xStation5 platform) before pulling back slightly on Monday morning but it’s remained elevated either way. The exact causes which could have fueled a rally seen over the weekend weren’t clear, however they may be related to a so-called fork which we wrote about more on Friday. Bitcoin has risen already over 500% so far this year while the price has been mostly driven by increasing adoption and awareness of Bitcoin and other cryptocurrencies more generally.
Bitcoin set a new record high on late Sunday but failed to stay there. Source: xStation5
Technically the Bitcoin price marked an outstanding increase on Sunday as it surged from $5800 to above $6250 but it trimmed some of its gains thereafter. Right now it seems that buyers could be setting the stage for another pick-up which could eye as much as $6350 where a 123.6% retracement is placed.
Everybody who is interested in the cryptocurrency industry is cognizant of broadening of interest of virtual currencies. As a result, an increase of employment in this sector should not be astonishing. According to Matt Barrie, CEO of Freelancer, people are getting freelancers to design new types of cryptocurrencies. He also unveiled that employment in Bitcoin-related jobs grew 82% in the third quarter while companies looked for the ability to manage an initial coin offering or ICO – when a new digital token is first sold to outside speculators in a bid to raise money.
At the end let’s go to Asia where the Vietnam’s central bank seeks to bank Bitcoin activities. The local authorities of the central bank have developed a legal framework for digital currencies. The proposal has been already submitted to the government and concerns activities such as issuance, distribution and use itself. If implemented Bitcoin users may be fined fines ranging from 150 million to 200 million VND which is an equivalent to approximately $6600 to $8800. The decision may be enacted from January 1, 2018 onward.
Meanwhile, Litecoin (LTCUSD) could be susceptible to a move to the upside after the price drew an encouraging candlestick at a daily time frame. If so an increase towards $63 might be on the cards. Source: xStation5