Bitcoin price looks for $11,000 mark amid Poloniex acquisition by Circle

Posted 27 February, 2018

Once Circle announced an acquisition of the Poloniex, bitcoin price has practically reached the $11,000 mark on Tuesday.

On the Bitfinex, the major cryptocurrency was recorded at $10,850.00 and keeps the upward movement. Earlier, the coin touched the bottom at $10,140.00 over the night. Ethereum price moved up to $882.12 on the Bitfinex. Ripple changed hands at $0.94755 and Litecoin was seen at $218.11.

According to the recent news report, Goldman Sachs-financed Circle project announced a $400 million acquisition of the Poloniex exchange yesterday. The platform is a peer-to-peer payment service running blockchain-based mobile app Circle Pay and supporting bitcoin.

Another driver for the rise was the reports that Korean officials do not know exactly how to regulate the crypto market. As one of the ministers said, Seoul is yet to make final determnation on the virtual currency issue.

For reference, South Korea is one of the major sales markets for the cryptocurrency. At the same time, the government fails to give any hints of a possible way of the market regulation.

Last week, Seoul expressed intentions to regulate crypto trading, which bring some optimism to the market since insiders fear that trading can be banned. However, this week BlackRock representative commented that only those who are ready to lose everything should invest in digital coins.

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27 February, 2018 17:54

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