Bitcoin price jumped over $6800 (Bitfinex) during trading on Saturday, representing yet another attempt to break above $7,000 during the ongoing bear cycle.
Many factors could have contributed to this sudden jump. Bitcoin, and cryptocurrencies more generally, have seen a plethora of positive news this week.
South Korea which is a major trading ground announced that they were loosening restrictions on all manners of cryptocurrency trading across the board, including examining allowing domestic initial coin offerings (ICOs).
According to the KoreaTimes, “Financial regulators plan to ease rules on crypto-based assets in line with policies initiated by G20 nations to establish unified regulations.” As reported by CCN, this South Korean authorities are also looking at classifying cryptocurrency exchanges as regulated financial institutions.
Another major occurrence is the increasingly successful lightning network. Some reports stated that the lightning network capacity is increasing 50% every week. Additionally, 20 new stores per day are accepting Lightning payments.