Launch of Physically Settled Futures Influence Bitcoin PriceAugust 19, 2019
The Bakkt news has led to an increase in the price of Bitcoin by $1,000. This price hike, in turn, neutralized the bearish set up on the intraday charts. A weekly close of more than $12,000 is required for a complete bullish reversal.
Bakkt Exchange stated that they would be launching physically-settled Bitcoin futures on September 23, 2019.
Erik Finman, the teen Bitcoin “millionaire” recently predicted that the price of Bitcoin might climb back to its all-time highs at $20,000 before the end of this year. This growth will be, in part, triggered by the venturing of Facebook into the cryptocurrency industry. The US president talking about Bitcoin is yet another catalyst.
Finman in the past pronounced Bitcoin as “Dead” particularly during the bitter market trends of Bitcoin and cryptocurrency when the majority of the cryptocurrency was down by 90% from their value. This was at a point in time where it was widely believed that the crypto experiment might come to an end. Finman has been further encouraging passive investment in Bitcoin through his CoinBits project.
The way countries structure their virtual currency is becoming a matter of wide debate, as none of them do want to be linked to similar portfolios like the failed state of Venezuela and its Petro. However, several countries like China have realized that cryptocurrencies are going to be a part of future economics, and they are beginning to become a part of it in a big way.
Binance will be launching “Venus” a lot similar to the upcoming cryptocurrency Libra.
Yi He, Co-founder of Binance, stated: “We believe that in the near and long term, stable coins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy.”
Binance has further welcomed more governments, companies, and organizations who have a “strong influence” on a global scale to collaborate with it concerning the Venus initiative.
Serving the unbanked and facilitating money transfers for a low fee are all structural resemblances of Venus to Libra.
CZ, Binance Tweeted thus: “Always happy to co-exist. This should help Libra if you think about it. Will leave it at that.” This is quite a hint that Venus might focus on countries where Libra might not be permitted. This is mainly in India and China.
Several giant corporations and individual nations are trying to build upon their value by issuing their cryptocurrencies. So, will this trend work in the long run or create a wholesome mess is for time to tell.