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Bitcoin price broke out from $3777 to finally cross $3800 mark. At the time of writing the cryptocurrency is trading at $3951 and looks to continue to bull run. The reason why Bitcoin is on the rise could be attributed to tensions rising between the US and North Korea.
In the latest news, North Korea’s foreign minister claimed that the U.S. has declared war on the hermit nation after Trump’s recent tweets and remarks in the U.N. General Assembly. The official warned that they would shoot down U.S. bomber planes even if they’re not in North Korean airspace.
Stochastic is already closing in on overbought territory to suggest that buyers might need to take a break soon. RSI is indicating overbought conditions and looks ready to turn lower, so bitcoin price might still pull back to the broken triangle resistance around $3700 before heading any higher.
With geopolitical tensions rising once more, many are worried that it’s only a matter of time before either the U.S. or North Korea pulls the trigger. In such circumstances, Bitcoin tends to benefit as traders continue to seek higher returns.
Top Stories from the Crypto World
1. SEC announces creation of “cyber unit”
The US Securities and Exchange Commission (SEC) issued a press release about their creation of a dedicated “Cyber Unit.”
This unit will focus focus the Enforcement Division’s substantial cyber-related expertise on targeting cyber-related misconduct, such as: Market manipulation schemes, Hacking to obtain material nonpublic information, Misconduct perpetrated using the dark web and more.
A good thing to know: Unlike regulators in China, the SEC seems to be taking a balanced approach to cryptocurrencies. Keeping in mind that most of the ICOs are out raising money even before having a viable product, it’s not surprising to see SEC taking decisions in investors’ interest.
2. One of the China’s largest banks to launch Blockchain product
China Construction Bank (CCB), one of China’s largest banks, intends to begin using a custom blockchain platform for bancassurance as soon as Q3, moving a process by which the bank today sells third-party insurance products to a distributed ledger.
It will be built with IBM Blockchain and the product comes amid a wider push by the U.S. tech giant to take the products and services it’s been incubating with the technology live.
3. Bitcoin trading at 85% premium in Zimbabwe
Zimbabwe was hit with hyperinflation years ago. Citizens are facing the reality that their country has devalued its currency. Not surprisingly, this has lead the people of Zimbabwe to use Bitcoins, while the government continues the crackdown on credit card payments.
In all the chaos, the price of Bitcoin on the local exchange, BitcoinFundi, has soared to $7,200. This premium reflects a frantic desire to find ways to transact within an economy where government controls have made traditional means impossible.
A similar situation can be seen in Venezuela, where hyperinflation is actively routing the economy leading to unprecedented use of Bitcoin.