Bitcoin the leading cryptocurrency has registered a sudden bounce and reached up to US$ 9,000. In 2018, April was the best month so far which experienced the huge growth in prices by around 33 percent against the dollar. It is expected to note the continued growth in May as well. After four months of fall, bitcoin experienced such a boost in the market. After December, it registered an overall gain of 1.4%. Those months were harsh for the currency, as it was reduced by one-third of its value from January up to March. Before the sudden fall, it was at the height of more than US$ 17,000.
Yet, it has not recovered fallen value – up to US$ 17,000 – but increased significantly up to US$ 10,000. Its trading volume has jumped by 93 percent over the month in April. Andrew Left, one of the author and editor of an online investment newsletter Citron Research, said, “personally, I would short ethereum network, rather than bitcoin.”
He added that he can bet on the huge fall in the prices of ethereum network. He addressed ethereum cryptocurrency as ‘bubble’. Ethereum cryptocurrency is the second-largest currency in the crypto market. He also added that both the currencies are bubbles, but in terms of choosing one of them, they must go with bitcoin. Joseph Lubin the owner of the ethereum, said that when he was discussing with his partners regarding the technology and the idea they were most concern about security. They concluded as it was never a secure and many lawyers in the US and from other countries have supported it.
Gary Gensler, Commodities Futures Trading Commission (CFTC) ex-chairman said that there is a strong case against cryptocurrencies including Ethereum and Ripple for negotiating with securities. However, CFTC considers Bitcoin as a commodity and hence there is no harsh rule by SEC. Jes Staley, CEO of Barclays Plc (BCS) said that the US banking giant has no immediate plan to expand the cryptocurrency.