The Legitimacy to Bitcoin will be added only with LegislationJuly 9, 2019
I think we’re in the next parabolic move. That will take us probably into the $30,000 level before we get another little correction.”
The price of the Bitcoin went up by $500 in just 10 minutes yesterday. There have been significant gains in cryptocurrency, and the price has been fluctuating ever since the beginning of the year. The cost of the Bitcoin is currently at $11,800, and it is staying a long way away from the all-time high of $20,000.
Facebook has planned to launch its cryptocurrency. The legitimacy to Bitcoin will be added only when the much-needed legislation comes into place.
Christel Quek, Chief Commercial Officer of Bolt, stated, “Bitcoin has reacted much differently in its revival phase this year, after waking up from the crypto freeze of 2018.” He further added, “While Bitcoin increased by a staggering 215 percent so far this year, its revival and growth has been quite mature and logical in comparison to 2017.”
The price gain has been dramatic ever since 2017 and the market has seen the price of the Bitcoin rise from $1000 to $20,000, but analysts were able to see that it did the characteristic of a Bubble. The price rise happened due to the investor frenzy of making a quick profit.
The idea of digital currencies required some endorsement. Ms. Quek stated, “In contrast, 2019 has seen a more mature movement, while the revival has also been a natural reaction to a changing crypto-friendly atmosphere in mainstream finance.”
Ms. Quek predicted that the current momentum of the Bitcoin would continue at least for a short-term and further opines that the 2017 record should be passed.
Mark Yusko, CEO of Morgan Creek Capital Management, stated, “I think we’re in the next parabolic move. That will take us probably into the $30,000 level before we get another little correction.”
The 733 percent increase in the price of the asset class is unheard of with other asset classes.
From the fundamental and technical perspective, Bitcoin has been very attractive. Institutional adoption has been a significant catalyst, which triggered a positive price momentum for the Bitcoin. A slow global economy is further driving investors into Bitcoin.
At a global level, the US and China are yet to settle their differences. EU is already towards a “mild recession,” and the US is seen to the heading towards a recession. The stock markets, according to many, are over-valued. Interest rate cuts indicate a weak economy.