Bitcoin enthusiasts see end to bear market

Bitcoin enthusiasts see end to bear market

After a brutal bear market that’s stretched 16 long months, Bitcoin enthusiasts are ready to declare that the dreaded “crypto winter” is finally at an end.

The price of a Bitcoin spiked over 20 per cent on Tuesday, from around $5800 to over $7000, causing a surge of renewed optimism in digital currencies that have been declared dead time and time again.

“I guess we’ve had a very excited two or three days,” said Adrian Przelozny, chief executive of digital currency exchange Independent Reserve in Sydney.

“This was an event that a lot of people thought was coming, no one knew when it was coming, but now it’s happened.”

Bitcoin, Ethereum and other cryptocurrencies like Ripple and NEO enjoyed a huge-run up during 2017, with Bitcoin increasing in value over twentyfold over the year, leading some fans to spout grandiose visions about the end of “fiat” paper money.

The bubble burst in late December 2017 and early 2018, with Bitcoin losing 80 per cent of its value – going from around $27,000 in December 2017 to under $4600 a year later.

But while casual Bitcoin buffs resorted to posting memes to cope with the crash, Mr Przelozny said that engineers and regulators have been working to make the space more secure and friendly to institutional investors.

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