Bitcoin Crossing the $10,000 spike is an indication that the Bitcoin is Back

By dan saada July 10, 2019 Off
Bitcoin Hype

Ever Since March 2018, this is the first time that the price of the Bitcoin has crossed $10,000 mark.

Lennon Sweeting, Director of Institutional Trading with Coinsquare Capital Markets, stated, “There are some key players who hold a lot of Bitcoin and can rattle the market.”  Recently, investors are getting very excited about what Libra might have meant for Bitcoin. Sweeting further stated, “Some investors have viewed any positive blockchain story as being good for Bitcoin.”

Several analysts are bullish about the disposition of Bitcoin, and the common rationale is based on the expectation that most of the institutional investors will begin to add Bitcoin to their portfolios in the hedge.  This is a method of diversification.

The Chicago Mercantile Exchange is coming up with a futures contract for Bitcoin.  Fidelity, the money management giant, is setting its foot into Bitcoin Trading.  It is only a matter of time before the Securities Exchange Commission can eventually approve the ETF backed by Bitcoin.

The SEC is reviewing several applications, and it is currently making a cautious approach to crypto ETFs. However, before the floodgates can open ETF is supposed to get the regulatory green light.

Ethereum, Ripple’ XRP and Litecoin have improved by 3% and 4% during the trading period.  In comparison with Bitcoin, this is an underperformance though considering the overall market value of $350 billion.

After a weekend, where we witnessed sideways trending, the price of the Bitcoin jumped by $500 in the last night.

Mati Greenspan, “The old financial system is dying a slow death. Let’s hope the new one is brighter.”  Bitcoin measures the computing power of Bitcoin miners. Despite all the fluctuations, Bitcoin boom might have been short-lived; however, it is now looking stronger than ever before.

The FOMO is spreading among those who are considering to buy the Bitcoin and the Crypto.  FOMO is one reason that pushes the price of the Bitcoin up.

Meanwhile, Bitcoin miners are finding it hard to complete their mining for earning their rewards.  Mining difficulty is touching 9.06 trillion (T) at the block height of 584,640 on July 9, and this has suppressed the previous record of 7.93 T by 14.23 percent.  The Bitcoin is designed in a way to adjust the mining difficulty for every 2,016 blocks depending upon the participating mining power in every cycle when more players enter into the mining process, the difficulty increases.