The digital currency Bitcoin Digital currency bitcoin <BTC=BTSP> hit $5.920 on the Bitstamp exchange based in Luxembourg. This has been the lowest point since mid-November. Then, bitcoin recovered above $8.000 BTC=BTSP. It jumped to $8.150 and was last at $7.922.79 in late trading in New York, up almost 15% on the day. Are you interested in bitcoin and need a reliable bitcoin merchant account? Just read below.
Bitcoin: The World’s Most Popular Cryptocurrency Rebounds
The unstoppable fall of the cryptocurrency makes many people doubt whether it has the potential to become a real currency. During the first week of February alone, Bitcoin fell below $8k. Some investors became uncertain and anxious about the virtual currency because of such significant drop in price.
When it comes to other digital currencies, Ethereum, which is the second-largest by market value, was up 10.7% several days ago at $791.33. Ripple, which is the third-largest, was up almost 6% at 76 US cents, as cryptocurrency tracker coinmarketcap.com reported.
If you’re looking for a trustworthy payment processor to open a bitcoin merchant account, turn to a reputable processor that offers affordable and secure payment processing. With the true professional in the field, you can enjoy the best terms and the right merchant services tailored to your business needs. Work with a merchant services provider that will talk to you so to get to know all the ins and outs associated with your business.
What to Expect
US regulators will probably ask Congress to pass legislation aimed at improving oversight of virtual currencies such as bitcoin. According to Matthew Roszak Co-Founder of Bloq, regulators need to learn how to interact with this technology and not stop this.
Cryptocurrencies, including Bitcoin, don’t have a fundamental price. This results in a situation where it seems impossible to price individual units of cryptocurrency at much above zero. According to some economists, at best bitcoin should have a nominal price of $20 per unit.
This means if you don’t know what price bitcoin or any other cryptocurrency should have, then you don’t have any idea if you’re paying extra or less for it. This fact is going to account for high volatility in fact.
Author Bio: Electronic payments expert, Blair Thomas, co-founded eMerchantBroker. His passions include producing music, and traveling to far off exotic places. eMerchantBroker is America’s No. 1 bitcoin merchant account company, serving both traditional and high-risk merchants.