Bitcoin Daily: Bitcoin Exceeds $17K Price Level; Former Bank Of Japan Exec: It Will Take Years To Make Digital Yen; Crypto Firm Amon To Release Debit Card With Union Pay

Bitcoin is briskly getting close to the peaks that brought about a crypto madness and concluded with a dramatic market downfall nearly three years prior, Bloomberg reported.

The digital currency reached a high of approximately $17,860 on Tuesday (Nov. 17). It has risen by over double in 2020, bringing back memories of a massive 1,375 percent jump in 2017 that came before a 70 percent drop the year after.

Digital currency enthusiasts have been witnessing bitcoin rise all year, and a number of them are targeting the December 2017 high of nearly $20,000. Miller Tabak + Co. Chief Market Strategist Matt Maley said, according to the report, “This is the third parabolic move.

The price of bitcoin was $17,764.38 as of 7:16 p.m. on Tuesday (Nov. 17), according to CoinDesk.

In other news, a previous Bank of Japan official said Japan will probably need many years to release a cryptocurrency because of different challenges, such as steps needed to stop large private bank deposit outflows from occurring, Reuters reported.

One approach to steering clear of large outflows would entail placing a cap on how much central bank digital currency (CBDC) one entity can have, according to Hiromi Yamaoka, per the report. The country’s central bank intends to start pilots in 2021 through which it will see if it can release a digital yen.

And, Amon said it is the second firm to release a “UnionPay-backed card” that is linked with a digital currency wallet in Europe, according to an announcement.

The company said in the announcement that card programs that have to do with digital currency wallets are not usually given the green light and take more time to put into place because of compliance intricacy.

“Choosing to release the Amon debit card with UnionPay will make it easier for us to expand globally,” the company said in the announcement.