Bitcoin is Over $11,000 - Can It Hold?

Bitcoin is Over $11,000 - Can It Hold?

Bitcoin rushes at full speed to new heights for the second week in a row. Against this background is guesswork about what institutional investors can resort to this cryptocurrency in future, as the asset of "free harbor."

Over the last month, reviews about cryptocurrencies were more positive than condemnatory. People like Ronnie Moas and Max Keiser share their forecasts that Bitcoin is going to reach new heights in 2018. In conversation with RT eToro analyst Michael Mashchenko says that financial institutions can also access the BTC in the case of the economic crisis on global markets.

Our top trading bots

"The demand for Bitcoin is growing as the crypto market has become less volatile, and an increasing number of professional investors see it as insurance."

Second bull market

As Fortune says, the current trend of rising prices for the securities market is the second-longest in history ― 104 months. The longest bull market ended in 2000 after an impressive run in 133 months.

Many people believe the current rally is a little long. People from Wall Street make plans for unforeseen circumstances ― i.e., in case of the inevitable reversal in the securities market. If Mashchenko is right, Bitcoin will play a significant role in these plans.

The change of opinions

Mashchenko’s comments appeared after the moods change in the mainstream of financial sector. Recently JP Morgan Chase announced plans to offer bitcoin futures to the Chicago Mercantile Exchange (CME). It is an essential step for one of the largest providers of banking and financial services in America. What is more typical, it happened just a few months after the condemnation of Bitcoin by the JP Morgan CEO, Jamie Diamond.

Online providers of banking services and exchange operators LedgerX and Revolut also introduce support for Bitcoin. Revolut recently conducted a clearing to offer bitcoin derivative tools, as people intend to do more than just cryptocurrency trading.

"LedgerX launched its first long-term options for Bitcoin, with an expiration date of December 28, 2018. In the coming months, we will continue to see the ‘domestication’ of Bitcoin: the Chicago Board Options Exchange and the Chicago Mercantile Exchange are planning to launch tools based on the cryptocurrency shortly."

Big money

When the flow of institutional investors will begin to invest significant capital sums into the cryptocurrency, some stunning predictions made by bitcoin optimists can become a reality. However, the forecast for Mashchenko was very modest. It suggests the approach of BTC to $10.000 by the end of 2017 will be based slightly on emotions than on some real reasons:

"We could see a Bitcoin at $10,000 in a month or so. However, such a surge will be based on emotions, not on fundamental factors. So, further growth of the cryptocurrency will require something more than euphoria."

The dynamic changes during 2017 allowed bitcoin to step onto the world stage

Reaching values of $8,000 per BTC, Bitcoin went up to $1.000 in just a few days. It allowed him to pass for $9.000 last weekend. At the time of writing, the price of Bitcoin was $9.697, which is only $300 less than Mashchenko expected.

Positive Bitcoin trend in 2018

The dynamic changes during 2017 allowed bitcoin to step onto the world stage. There is a force in the form of the cryptocurrency code. The Bitcoin phenomenon and its network are brilliant inventions allowing:

  • to create complete protection from hacking and falsification of data;
  • to structure the development process;
  • to eliminate the competition.

1. Protection is created incredibly – every miner is a part of the system. His computer is a protection. It turns out that the increasing number of miners automatically make the network more secure, eliminating the last doubts about possibilities of hacking, and so on.

2. BTCs are not infinite. There is a limit of coins, which cannot be surpassed. The demand increases by the coins deficit. Also, the code contains a precise regulation of the remuneration. This code has a degree of proportionality to the coins appreciation.

3. Polls have shown that most people do not care about such issues as the possibility of free financing of terrorism (due to the impossibility to control the currency circulation by the government). The lack of a third party, significant savings, high growth, excellent prospects and a variety of other advantages make people switch to bitcoin.

The instability of the traditional markets forces investors to look in the direction of the bitcoin. The common currency is no longer the old trust, and each triumphant cryptocurrency step enhances the effect.

It turns out that the steady growth of bitcoin prices increase the number of miners, which enhances protection. There is a creation of great chain in which each development stage is directed exclusively to strengthening the network and creating the best conditions for users.

Art in orbit: Kevin Abosch takes NFTs to the stars
The phrase “NFTs are going to the stars” gets a new meaning today as Irish conceptual artist (and one of Cointelegraph’s Top 100 in Blockchain 2020) Kevin...
Bitcoin price slides 5% as second day of losses costs Ethereum $2K landmark
Bitcoin (BTC) extended its price drop on Wednesday amid warnings that excessive long positions needed to be flushed out to allow for fresh gains. BTC/USD...
Sweden’s central bank completes first phase of digital currency pilot
After completing the first phase of its digital currency pilot project, Sveriges Riksbank has found some critical issues that must be addressed before Stockholmers...
‘Wild west’ as developers MacGyver highly popular NFTs on Cardano
Despite not yet having functional smart contracts on the layer-one, intrepid Cardano developers have recently hacked together methods to mint bootleg nonfungible...
What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset ownership...
Canadian Gov’t Launches Ethereum Blockchain Explorer
The Canadian gov't has set off a DLT explorer developed on the basis of the Ethereum Net. Thanks to the app, it will always be possible to access the data...
After Relocating Its Office to Malta, Binance Opens an Account There
The international cyber-money bourse Binance has opened a bank account in Malta. This information has been recently revealed by the company’s top exec...
Google to Ban Crypto Ads in A Few Months
The tech titan Google is taking a hardline stance on advertisements which promote cryptos and its brethren. The restrictions are to take place already...
Chinese Top Official Offered to Get Blockchain Centralized
China has been known in the world of cyber assets as a country which takes a hard stance on them. Given this fact, it sounds dubious when one of the top...
Why EOS Expects Success In 2018?
The EOS Cryptocurrency is set for a productive year, solving some fundamental industry problems. According to experts, EOS can outrun many competitors this...
Bank of England Governor Says Bitcoin Failed as “Currency,” But There’s Hope for Blockchain
The head of the prime bank of the United Kingdom – Bank of England – latterly claimed that BTC has gone wrong both as currency and as a reserve of cost....
IBM & Danish Shipping Giant to Launch a Blockchain Company
Heavyweight companies are looking forward to adopting blockchain. Last year tech colossus IBM was one of those who adopted revolutionary blockchain technology....
Pavel Durov Will Release His Cryptocurrency This March
The most fashionable instant messenger Telegram plans to launch a preliminary ICO. The goal is to earn $500 million in investments in its own blockchain...
Bitcoin to Lose 50% of Value Before Skyrocketing – Early BTC Investor
Bitcoin has been known as a double-edged sword, and not only in terms of its use and popularity but also regarding price wavering. The father of all cryptocurrencies...
Investing In Cryptocurrencies. Is it Safe?
The Guardian tells the story of a student who bought bitcoins for $27 in 2009. He forgot about his 5.000 BTC, and remembered about them in April 2013,...