Bitcoin is back.
The cryptocurrency surged Tuesday, closing in on the $12,000 level. One bitcoin bull says progress on the regulatory front could send it even higher.
According to CNBC "Fast Money" trader Brian Kelly, Tuesday's rally is the result of more crypto-friendly attitudes by government regulators. Not only did Wyoming on Monday pass a bill relaxing securities law for some tokens, the South Korean government, which had previously vowed to crack down on cryptocurrency trading, said it would "support" and even "encourage" crypto operations so long as they were "normal" transactions.
"The sentiment has changed here, which to me is going to start bringing in more investors to the space," Kelly said Tuesday on CNBC's "Futures Now."
And if this softening of regulations brings investors into bitcoin, which Kelly believes it will, there could be even more buyers kicking in around the $12,000 level.
For those looking to make a trade, Kelly recommended buying March Cboe bitcoin futures at $12,000 with a target of $18,000. Since bitcoin futures are so volatile, he put a stop in at $10,000.
Cboe and CME bitcoin futures hit their highest levels since Jan. 29 in Tuesday's bitcoin rally, up 15 percent and 16 percent, respectively, for their best sessions since they began trading in December.
Momentum Is Building to Block Ethereum ASICs
Several ethereum miners and developers have come forward with the goal of stopping specialized mining hardware from effectively operating on the network.
Underway since April, the controversy surro
Brazil's Largest Independent Broker Is Launching a Crypto Exchange
The parent company of Brazil's largest independent broker is setting up a cryptocurrency exchange, Bloomberg reported Thursday.
Grupo XP, which owns brokerage firm XP Investimentos, plans to launch
XRP Shot Up 75% During Friday's Bullish Trading Session
The price of XRP spiked as high as 75 percent above its opening price at one point during Friday's trading session amidst a broader market bull parade.
At roughly 14:45 UTC, the price of XRP rose
US Congressman Drafts Bills to Aid Blockchain Development
U.S. Representative Tom Emmer wants to support the development and use of blockchain technology and cryptocurrencies.
To that end, the lawmaker announced a trio of blockchain-focused bills Friday,
Report Finds Cryptojacking Instances Jumped 400% In A Year
Instances of cryptojacking malware have jumped more than 400 percent since last year, a new report finds.
A collaborative group of cybersecurity researchers called the Cyber Threat Alliance (CTA) p
Bitmain CEO Announces New 7nm Bitcoin Mining Chip
The bitcoin mining industry is having an exciting couple of days.
Just a day after Bitfury revealed a new 14nm mining chip called the Bitfury Clarke, Bitmain has upped the ante with the announcemen
Brave Browser Is Using Civic's Blockchain Platform to Verify Publishers
Privacy-focused internet browser Brave will begin using blockchain identity startup Civic's verification services to ensure publishers are paid for their content with Brave's Basic Attention Token (BA
US Navy Launches Blockchain Research in Mission to Improve Tracking System
A U.S. Navy command is exploring the potential of blockchain technology in tracking aircraft parts.
The Naval Air Systems Command (NAVAIR) – which provides material support for aircraft and airborn