Bitcoin Surge Back To $8000 Level
Sharp injection of $3 billion into Bitcoin's market cap within the past 3 hours
Image source: pixabay - Incygenia
Bitcoin's well-known for a up and down roller coaster. Bitcoin has been on the upward trend for the last two weeks but just earlier today, Bitcoin prices went up from $7700 to hit $8000.
Checking price chart movements on coinmarketcap.com, almost $1 billion worth of USDT (Tether) moved into Bitcoin from 4 large exchanges: Binance, OKEx, ZB.com and Huobi. $800 million of fresh funds moved in from USD and KRW from Bitfinex, Upbit, Bitstamp, Coinbase and ZB.com.
Overall, this places Bitcoin's market dominance back up to 46 percent, with altcoins trailing behind at 16 percent for Ethereum and 5 percent for Bitcoin Cash. With a gain of 23 percent over last week, we are far from last year's peak. In the article on Forbes - Michal Gromek, four reasons have been cited for the upward movement:
Approval of company acquisition by BitPay granted by U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority
New York Department of Financial Services (DFS) granted a virtual currency license to a few cryptocurrency payments processor, including BitPay, PayPal and Microsoft.
Positive sentiment from the international Financial Stability Board
BlackRock's plans to investigate cryptocurrencies
Most of the news have also been covered by my previous posts:
https://steemit.com/bitcoin/@tysler/investment-powerhouse-blackrock-to-explore-cryptocurrency-sector
Image source: pixabay - geralt
Doubts over the future of cryptocurrencies have been clearing, as we see announcement that "the Chartered Financial Analyst (CFA) exams will incorporate questions involving the blockchain". Source: Forbes - Charles Boviard. Analyst Mati Greenspan also cited new monetary policies by the Bank of Japan as a contributing factor.
Bitmain, the cryptocurrency mining rig maker, completed another funding round, Tam said. The company was reported by Caixin to have raised $300 million to $400 million at a valuation of about $12 billion.
Source: Bloomberg - Eric Lam
While having a series of small wins mid-2018, the ball drops when the Bitcoin Exchange-Traded Fund (ETF) could be set up successfully. The approval could come as early as August 15 2018.
If approved a bitcoin ETF would mean people are able to buy into bitcoin without having to deal with clunky exchanges that often struggle with cumbersome regulation and lack of public trust.
Source: Forbes - Billy Bambrough
Image source: pixabay - AlexVan
Bitcoin crimes do not go unnoticed and cracking them down has been a success for nabbing the exchange operator of BitFunder and WeExchange. Jon E. Montroll, 37, of Saginaw, Texas, faces as long as 20 years in prison for securities fraud and obstruction of justice after entering his plea before U.S. Magistrate Judge James L. Cott in New York Monday. Montroll lied about the hack of 6000 Bitcoins, keeping its customers in the dark and provided false information to the investigators.
Hackers may have the upper hand with the stolen Bitcoins, but in order to spend them, a trace would resurface to give investigators an opportunity to nab them. Perhaps lessons such as these are learnt the hard way and coin exchanges have been more cautious by putting in place identity checks and better security.
The Bitcoin price prediction still holds at $20000 - 40000, as we wait for more positive news to come in the next few months.
Bitcoin has experienced large market manipulations over the previous week, being the predominant cause of this significant movement. Although there could be a major sell off due to "whales" reaching their target price, we could still see prices run higher if price is able to find support at the $8,000 level. It could be likely that we see a minor push higher before witnessing a slight pullback to the $8,000 level to test this region and see if price can find support here.
Yes I’m not a fan of whale moving coins around BTC/USDT but that’s what is exactly happening. Because they’re whales. :)
You mean at the end of 2018 this is going to happen,"The Bitcoin price prediction still holds at $20000 - 40000."
Prices will continue to remain unstable until Bitcoin ETFs are established. Prediction shows what is likely to occur after stability increases
ETFs which is waiting for a decision in next month? How I can check BTC ETFs are established or not?
Bitcoin-related ETFs are proposed but subjected to approval by US SEC. Once approved, large investors on the exchange could have excess to Bitcoin shares. More updates coming up once approved
thanks for the info.
I have also a "price prediction" of about $50,000 to $60,000 for the end of the year. Let's see what happens. It's getting exciting though to be in the market now and lots of weak hands will definitely cry in a few months.
Yes strangely every prediction made seems very bullish. Why hasn’t anyone predicted it to drop to $4000 or below? I guess the sentiment is overall positive
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