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There is no rest for the Bitcoin trade: a full week of surprises for the main cryptocurrency

Healy Consultants Group PLC
04 December, 2017

The last week of November 2017 had several important milestones to offer for the main global cryptocurrency, Bitcoin.

It was the first time this cryptocurrency trade value reached above US$9,000. Knowing that just a week before the Bitcoin reached an earlier height of US$8,000 makes this even greater of a feat.

However, there was still more to come as the next milestone that was passed was a really important one. On Tuesday 28th November, Bitcoin soared and increased its value with more than US$1,000 in 24 hours, reaching a record high at US$11,388.33.

Because of the soaring interest and traffic on global bitcoin exchanges, they suffered difficulties processing the growing demand. The largest US-based exchange suffered sporadic downtime with several services were unavailable for some customers.

Unfortunately, the climb was diminished fast with a soaring plunge of 18%, bringing back the value to about US$9,000. Despite this sharp drop, the total trading volumes remained soaring $9.75 billion in the middle of the week, according to CoinMarketCap.

"It's definitely been going a bit parabolic over the past few weeks. I think today's action marks somewhat of an inflection point," said Jonathan Krinsky, chief market technician at MKM Partners.

At the same time, the second most popular cryptocurrency, Ethereum, had trading volumes at just above US$2 billion, which shows the markets are beginning to mature faster and in greater volumes.

More countries accept cryptocurrencies

According to Bitcoin.com, some of the world’s most Bitcoin-friendly countries includes: Estonia, USA, Denmark, Sweden, South Korea, Netherlands, Finland, Canada and the UK.

Despite some of these counties’ acceptance towards cryptocurrencies, Bitcoin are yet not used as means of exchange or regulated by central banks. For a full overview of cryptocurrency-friendly-countries visit HealyConsultants.com, a company specialized in business registration worldwide, including setting up cryptocurrency trading companies and bank accounts.


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About the Author


Healy Consultants Group PLC

Since 2003, Healy Consultants assists international Clients with company incorporation services worldwide. Our services include: company registration, opening of corporate bank account, accounting and tax services, legal services, jurisdiction comparisons...more.

To inquire more information about global business set up; call us on +65 6735 0120 or email us at email@healyconsultants.com

 

 

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