Bitcoin
Bitcoin (BTC): Another Big Bull Run is Coming
There is no denying that the last few months since December 2017 have been a bumpy ride for the King of Crypto: Bitcoin (BTC). Mid-December found BTC reaching for the sky at levels of $20,000. A little over six months later, on June 29th, the same BTC was valued at $5,800. This was a significant drop in value of 71%. Some have called it a massive correction, while others have speculated manipulation due to Bitcoin futures contracts.
Whatever the reason, there are a few reasons to be Bullish once again about BTC.
To begin with, Coinbase has just showcased its new service by the name of Coinbase Custody. This new service is geared towards institutional investors and high net individuals who want a secure place to store their digital assets. Coinbase will provide cold storage for such institutions and individuals at a fee that will cover additional benefits such as insurance. This means that the billions, if not trillions of dollars from Wallstreet, is headed towards the crypto markets and Coinbase providing a secure avenue for that.
A second reason to be bullish about Bitcoin is the ongoing regulatory progress with regards to the King of Crypto. The American SEC has already declared it is not a security. Therefore, this paves the way for institutional investors to buy it in the regular crypto markets. The country of Malta has also passed 3 bills to regulate crypto and their exchanges in the country. This is why Binance is planning on opening a crypto exchange there. Other countries that have shown an interest in regulation are Japan, Australia, South Korea, Philippines, Indonesia as well as Kazakhstan.
Once the question of regulation has been solved, it is all systems go for a bull run in the crypto markets as we head into the second half of 2018.
A third reason why we are headed for another BTC bull run is the fact that the CBOE Global Markets, have filed for a new Bitcoin ETF license application with the SEC. Even though the SEC has declared that they will not be regulating BTC directly, ETFs are marketable securities that track an index, commodity, bonds or a basket of assets. This means that ETFs can track the price of a crypto index with BTC in it.
Finally, the country of Australia has recently partnered with IBM in a bid to catapult the country into the front row of blockchain and technology advancement in the world. IBM has already partnered with Stellar (XLM) making the case for crypto and blockchain adoption stronger. This means that the government of Australia will slowly but surely become more crypto friendly with time. As a result, BTC will prosper.
In conclusion, the decline of BTC and the crypto markets seem to have been abated by the recent signs of progress exhibited by regulatory clarity; Coinbase Custody services; the ETF application by the CBOE; and the Australian government partnering with IBM. This means that the future is bright for not only BTC but the entire crypto markets.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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