Bitcoin Has Regained Its $40K Mark As More Countries Embrace Cryptocurrency

Bitcoin (BTC) reclaimed the $40,000 mark on Thursday, rising alongside U.S. markets as new evidence of investor accumulation and increased acceptance by countries ranging from Africa to Central and South America emerged.

Bitcoin, the most valuable cryptocurrency by market capitalization, was trading at $40,206 at press time, up 3.2% in the previous 24 hours.

Jason Deane, market analyst at Quantum Economics, said:

“Bitcoin remains in a fairly tight range despite a slew of positive news on the asset such as potential sovereign adoption in Africa, Cuba’s allowing licensed exchanges and Mexico’s gradual move towards greater adoption generally,” 

The Central African Republic recently become the world’s second country to recognize bitcoin as legal tender.

The Central Bank of Cuba has declared that virtual asset service companies would be granted licenses. Individuals and organizations from both Cuba and outside will be eligible to obtain the license.

A bill governing cryptocurrency was passed by the Panamanian Legislative Assembly. “This will help Panama become a hub of innovation and technology in Latin America,” Congressman Gabriel Silva said.

On Wednesday, Brazil passed laws to regulate cryptocurrency. According to Business Today, “the bill aims to create a regulatory framework for the country’s crypto industry.”

Marcus Sotiriou, analyst at the U.K.-based digital-asset broker GlobalBlock, said:

“Bitcoin continues to look bullish from an on-chain perspective as whale holdings have risen to its highest since September last year. When whale [large] holdings increased dramatically last September, it led to a significant increase in price in November.”

“Technically, bitcoin appears bullish in the short term,” Sotitiou noted, “as it has once again confirmed bullish divergence on the RSI indicator on the daily time frame.” He also claims that retail bitcoin traders are in the process of building up their holdings.

Ether (ETH) is currently trading at $2,968, up 4% in the last 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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