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White House Official: “Regulations on cryptocurrency is not yet close”

Major digital currencies lost as much as half to begin the year as growing regulations and security fears disabled the market, seeing dealers abandon their positions. However, the tide has turned.

The price of bitcoin has increased more than 60% since trading under $6,000 on February 6, pushing back above $10,000, helped by signs of growing recognition of digital currencies from officials in Washington.

In a recent swing when Bitcoin price is heading above $10,000, an anonymous transaction of buying close to $400 million of the No.1 digital currency, bitcoin comes into light.

“Not sure who that big buyer was but many have bought this dip and have added since the rebound and additional regulatory clarity in the U.S. and Asia,” Alex Sunnarborg, Founding Partner of Tetras Capital said.

https://api.blockchain.info/charts/preview/balance.png?address=3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64&lang=en&start=1487312727&h=600&w=1200

The transaction, which was viral all over social media and online chat forums emboldened bulls who had argued that $6,000 was a bottom.

“In the meantime, the $400 million whale is fuel for the Telegram channels where traders lay out their conspiracy theories,” said Jeff Koyen, president of 360 Blockchain USA.

“However, I am willing to believe that, seeing bitcoin bottom around $6,000, Wall Street smelled blood and jumped back in,” he said.

With bitcoin back above $10,000, the owner of the address is closing is on the bitcoin billionaires club.

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