The Bitcoin price has been probably the hottest topic of the cryptocurrency world till date. The once upon a time, highest valued cryptocurrency which was priced at a peak value of about $20,000 in December 2017 suffered several repercussions owing to the regulations, security, new competition, plunging the bitcoin price value to as low as $8,000. Since the last 10 days, Bitcoin price has rallied up to $10,000, cracking $9,000 in mid-morning trading on Tuesday.
What’s ahead, is the question that everyone asks. Bitcoin bulls have made several predictions where one of them explicitly states that Bitcoin can go up to a million. Yes, you read that right. To read more predictions, click on the article below.
Read more: Bitcoin Price Predictions For Year 2018 And Ahead By Bitcoin Experts
Fran Strajnar, CEO of Brave New Coin, a data and research company focused on the blockchain and cryptographic assets market said, “Bitcoin is trading upwards for a number of reasons.”
Strajnar believes that the fundamentals of Bitcoin have gotten better. Recent improvements to its lightning network and outside forces from regulators are both bringing investors back.
“The U.S. is stepping in to regulate security tokens instead of commodity assets (utility) and we are seeing major value investors stepping into buy as a result,”
Security tokens are cryptocurrencies issued by startups similar to shares, while utility tokens are like coupons used for a specific service the issuer offers. Both are tradable on an exchange. Stajnar says, adding that the odds of a Bitcoin ETF getting approved by the SEC have improved said,
“As the Soros’ and the Rockefellers’ of the world move into this ecosystem, this asset class is legitimized and trending in an extremely positive direction,”
George Soros’ $26 billion wealth management firm is planning to trade digital assets. Adam Fisher, who oversees macro investing at New York-based Soros Fund Management. Venrock, a venture capital firm associated with the Rockefeller family’s personal wealth fund, is also getting in on the act.
Eiland Glover, CEO of Kowala, a blockchain platform with its own cryptocurrency,
“Word is getting out that traditional financial industry players are preparing to enter the crypto trading markets soon,”
On such big firms marking an entry to the crypto world, Kowala’s CEO and co-founder says,
“The entrance (of new financial firms) promises to provide much higher levels of liquidity along with a tsunami of new money…driving today’s prices higher,”
Moreover in India, soon after RBI announced a ban on the cryptocurrency dealings, RBI was sued by an Indian Cryptocurrency firm and was eventually sent a notice by Delhi High Court. Thus, Bitcoin may be expected to get back to India.
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On the other hand, China still has crackdowns on initial coin offerings and mainland cryptocurrency exchanges but remains a tier 1 hub for blockchain technology.
Rob Viglione, co-founder of ZenCash said,
“This 50-day high is a solid indicator that people are slowly re-entering the market. Increased regulatory scrutiny globally has weighed down on crypto prices over the last quarter, but the space has remained relatively stable over the last several weeks.
People are starting to gain a more nuanced understanding of the long-term potential of blockchain technology. It also helps that major investors are becoming more bullish…that bolsters the confidence of the retail investor.”
By accounting in all the factors mentioned above, it can be safely concluded that Bitcoin is here to stay and is own its way to rule the cryptocurrency market again.
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