Bitcoin surges after ECB President’s statement

Mario Draghi, President of the European Central Bank, recently rejected the idea of banning cryptocurrencies and regulating Bitcoin and its financial network. “I have to say this is not the ECB’s responsibility to do that,” as he told in response to multiple questions regarding this matter.

The price of Bitcoin has seemingly reacted to this statement, at least, some financial outlets connect these two events. JPMorgan has already highlighted the possibility of further Bitcoin growth depending on the behavior of the investors. This statement might have positively affected the investment market of cryptocurrencies and thus bears are not the majority at the press time.

Speaking of regulation, the United Kingdom crypto-related companies have formed a new organization called CryptoUK which will protect the interests of the local community. This might have affected the market as well.

Regardless, Bitcoin has restored from 6000 U.S. dollars last week to $9000 during the final hours of Wednesday this week (European time). The aforementioned analysis by JPMorgan has stated that if Bitcoin hits $11,000, the growth might even continue to $16,000.