We see these days as the Bitcoin is a major price rally, especially prompted by the announcement of the CME Group, which has led to spend the $ 7,500 and the thing does not look like stopping.
This week the Bitcoin has passed the $ 7,000 and today is already well above the $ 7,500, moving directly to the $ 7,600. We must point out that the current forecast was for the Bitcoin to reach $ 6,000 at the end of the year, something that has been expanded, according to some to $ 10,000 will be possible between this last quarter of the year and the first quarter of next year. Logically, users and investors are delighted by this rising value rise, but what is behind this impressive rally?
Of course, the main reason for this rally is the recent announcement by the largest futures company, such as the Chicago Mercantile Exchange, to offer Bitcoin futures. Futures, for those who do not know what they are, are an essential part of trade and investment in Wall Street, but, normally, it is reserved for assets that are more linear in time or, what is the same, that have a lower volatility. This bet somehow, legitimate to the BTC and that has caused interest to increase within Wall Street.
The division on Wall Street is very important and there are different currents of thought around the BTC, but it is clear that the decisions of this financial market influences the value of this cryptocurrency, as well as the decisions of states, as we have seen with China. . The bifurcation of August 1 was a blow to the cryptocurrency, something that lasted rather little and what was expected to be a kind of civil war within the cryptocurrency market, it was left in a skirmish that lasted a few hours, until the BTC He reigned again without major problems.
The jump from the BTC to the conventional market is still far from being common, since everything concerning the blockchain and the cryptocurrencies is, although it does not seem so, starting now and many are still reticent to progress, especially the traditional banking, which It sees its huge speculative benefits jeopardized. Mass adoption has a long way to go, especially for the ETFs, which will still be late and will open the melon of cryptocurrencies. The SEC continues to maintain its position against the Bitcoin ETFs, but they continue to observe the volatility and nature of this cryptocurrency.
It is known that cryptocurrencies have a top value and then fall, something normal and usual. A few days ago the Bitcoin rose to $ 7,300 and fell more than $ 500 in just a few minutes, a correction that was instantaneous, due to the top of many investors. These movements, already conceived as normal, are what the SEC does not end up liking, who considers that the BTC has 'fundamental flaws', which means that 'they are dangerous assets to force a structure negotiated in the stock market'
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All time high today but now it's dropping. All the way back down to $7200's. I fell into the FOMO this weekend but I think we'll see another surge this Monday to push it on up to 8k by the end of the week.