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Bitcoin Shrugs Off Bubble Burst Fears To Record $2,500 Single Day Gain

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Bitcoin Bubble

Bitcoin defied chatter about a bubble ready to pop, as it went on to record its biggest gain in a single day of $2,500. The cryptocurrency topped record highs of $14,400 after a stunning 18-hour run that saw it jump from under $12,000.

However, not everyone is convinced that Bitcoin gains are here to stay even as Institutional investors prepare to take positions. Nordea Bank CEO, Casper von Koskull, has already called the rally a ‘joke’ as the head of Denmark’s largest pension fund insists they are not comfortable with the spike. Amidst the sentiments, bitcoin has continued to surge.

The price of bitcoin can now buy more than 11 ounces of pure gold after a jaw-dropping tear the entire year.

 Bitcoin Immediate Catalysts

The scorching cryptocurrency is up by more than 1500% for the year as it shows no signs of slowing down. Growing chatter about the launch of bitcoin futures contracts is believed to be the latest catalyst driving the digital currency’s price.

CBOE is set to launch bitcoin futures over the weekend as CME Group prepares for a similar launch on December 18, 2017. NASDAQ will launch futures trading in the summer of next year. JPMorgan Chase is set to launch its own future contracts despite the firm’s Chief Executive Officer taking a swipe at the cryptocurrency a few weeks back.

The sale of Futures contract poses the biggest test to bitcoin impressive run for the year. The derivatives is set to attract a flood of new capital, more so, from institutional investors who for the better part of the year have been on the sidelines.

 Red Flags

Amidst the excitement about the Futures contracts, some investors have warned that such derivatives could have serious repercussions. Interactive Brokers CEO, Thomas Petterfy, has warned that the derivatives could trigger a 2008 style financial crisis.

Coutts Investment strategist, Lillian Chovin, has also warned about the instability the cryptocurrency faces given that its blockbuster rally is not based on any underlying fundamentals. Coutts is not only worried about bitcoin bursting but concerned that it could be part of a wider tech bubble.

“Our view at Coutts is that, as an investment asset, electronic currencies like Bitcoin have nothing but sentiment backing them up. We, therefore, have no current plans to include them in our investment strategy,” said Ms. Chovin.

The concerns have done little to sway investor’s sentiments on the digital currency. Reports indicate that exchanges are in the process of processing mountains of applicants waiting on verifications of new deposits. Once these new funds hit the market, the price of bitcoin is expected to rise as most of them are expected to enter long positions.

We will be updating our subscribers as soon as we know more. For the latest updates on Bitcoin, sign up below!

Image courtesy of zacktionman via Flickr

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Bitcoin

Is Bitcoin Esport Betting the next big thing in BTC Casinos?

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Bitcoin Casinos

Ever since the creation of the first sport games, people started enjoying the betting process. As the sports grew more popular around the world, so did the betting community and other than the physical betting shops, online sportsbooks have also started to emerge. Around 5 years ago the crypto gambling industry also made strides to join the fun and Bitcoin Casino started pouring its resources into providing proper sportsbook experience for their communities of players. For several years the things were steady and the concept of Bitcoin Betting was growing exponentially. Although recent events have significantly halted the progress of sports and betting, the new alternative started gaining traction in the gambling world, and that alternative was the Esport Betting. 

How did Esport Betting become so popular?

The beginning of 2020 was unprecedented for the history of mankind and all the global business, including the gambling industry. In the month of March, most of the sports stopped because of the ongoing global Covid-19 pandemic and betting services witnessed huge losses. That’s where the Bitcoin Casino industry found a viable alternative in the virtual sport segment. Because of that, Esport Betting has become increasingly more popular and the biggest BTC Casinos started providing a huge selection of tournaments in their sportsbook section.

How to participate in Esport Betting?

Esport Betting is basically the same process as the usual sports betting.…

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Bitcoin

Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

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Bitcoin

Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. 

It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to…

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Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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