On Saturday, Bitcoin passed another milestone and reached a new all-time high. The BTC hit $57,492 and settled back to $57,264,55. It was an 8.77% increase of the day.
Bitcoin ended last year just below $29,000. However, in recent months, it has surpassed numerous price milestones, and in recent weeks, the cryptocurrency price has been skyrocketing.
The digital currency’s passage through the $50,000 mark has been a massive moment for the industry. Bitcoin’s swift growth is transforming the global financial world, and widespread adoption can truly become a reality.
According to the CoinDesk report, governments keep spending large amounts of capital on getting through the pandemic. Banks worldwide keep printing money. Investors look to guard against inflation, and that creates an extensive demand for Bitcoin.
Moving toward crypto regulation is critical
Recently, the idea of advancing the regulation of the crypto industry has come to the fore. The reason for this was several criminal cases.
Australia’s Financial Market Authority is seeing an increase in reports of fraud. Most of them are related to cryptocurrencies. According to a BNN Bloomberg report, these activities come from social media. There dubious platforms advertise digital currencies.
According to Klaus Grubelnik, FMA spokesman, crypto investigations are challenging since international factors are involved. He talked about the need for more regulation in general.
The idea of cryptos needing more regulations was also recently upheld by New Jersey’s independent watchdog for organized crime, public corruption, and financial waste.
Because of a lack of regulation, the watchdog said cryptocurrency ATMs could be a risk to the public. Besides, federal laws don’t provide sufficient protection against money laundering and other financial crimes because of the complexity.
The watchdog recommended a requirement of licensing mechanism for crypto ATMs before people can use them. It would help reduce the amount of fraud.
ThinkMarkets acquires Japan Affiliate
ThinkMarkets, a leading online brokerage firm, has acquired Japan Affiliate and opened an office in Tokyo. The firm will offer its service in the Asian country. The platform will allow Japanese investors to trade CFDs based on cryptocurrencies 24/7.
Japan’s residents are top holders of Bitcoin. Based on that, the Tourism Authority of Thailand, TAT, wants to bill the country as the first to accept cryptocurrency payments, targeting wealthy Japanese tourists.
TAT has lowered its target for foreign tourist arrivals. However, now it is shifting its goals and preparing the country for the cryptocurrency market. The organization believes it will attract more opportunities from high-spending tourists.