Bitcoin rose to $4000 once again this morning. The $4000 mark has been resisted for more than a week now.
This comes after more than a fortnight of the market pullback that saw Bitcoin and so many other altcoins drop rapidly on the price charts. Bitcoin, for instance, witnessed a significant decline and its price went to the $2900 range after hitting $5000 more than three weeks ago.
Many have attributed the market downturns to the ongoing Chinese government clampdown on Cryptocurrency Exchanges and ICOs. However, as P2P exchanges and other countries like Japan and South Korea pick up the volume rejected by China, it appears that the cryptocurrency market may be able to recover quicker than expected. It also appears that the 1-month grace period instituted by the PBoC has had some positive effect on the price
Last week, within a twinkle of an eye after Beijing made the Grace Period announcement, Bitcoin rose $400 in price, which might be an indication people in the Asian country are doing their last buys before exchanges close down for good.
There were also the misguided comments made by JP Morgan’s Jamie Damon. Whilst some experts in the Cryptoshere deemed it as having no significant impact for the market, others were of the opinion that a man with such influence can cause a market panic with such damaging comments, especially among the new members in the ecosystem who may have little to no understanding of the whole crypto concept.
Reactions From Africa
Core Media decided to sort the views of some African experts on the new price climb. Bami Jinadu, President of the Nigeria Blockchain Institute, assumes the development is a good news for his outreach work.
“It becomes difficult to convince more people into the ecosystem when price keeps falling,” Bami told Core Media. Concerning the Chinese factor, he thinks Bitcoin and the general Crypto Market will do well with or without China.
On the part of Akwasi Adusei of Crypto Moments Ghana, Price will always go up even if it goes down and that people should stop worrying and complaining whenever it is down. He questioned why people don’t complain when the price jumps:
“For the Chinese, it is their loss and it is a pity their communist government bereft of ideas are treating them like that,” Akwasi intimated. In his judgment, China as a country will only be left behind if it keeps treating the ‘Blockchain Revolution’ which is set to overhaul how mankind does so many things like that.”
Talking to Core Media from Gaborone, Botswana via Skype, Eric Thuso, a Crypto enthusiast related he knew Bitcoin was going to bounce back soon to the current scale. He stated:
“It was just a matter of a few weeks to see the winning ways once again. What people should know is that patience is an essential ingredient in the cryptocurrency market,” Eric said.