Bitcoin prices are near 750$, that’s just 1% from the 2016 high seen in June.
Bitcoin is receiving long-term support, staying above the 700 level for more than two weeks now. According to market sentiment data, the market is highly bullish. The data show that 82-89% of traders are going long.
Analysts claim that the price rise hasn’t ended yet and still is being fueled by new bitcoin buyers. That indicates that there is still enough new money coming in to push the prices higher. Another factor which may be driving the Bitcoin’s price is a series of macroeconomic issues.
China has recently imposed capital controls and restricted gold importation. Gold is usually a safe haven asset for investors, so taking it away makes the traders seek for other ones with high liquidity and solid global exchange rates. China has a large population of Bitcoin miners playing a key role in bitcoin trading who see the cryptocurrency as a good method of investment and wealth protection.
Current situation in India may be supporting Bitcoin’s price too. India Prime Minister, Narendra Modi, decided to take out 500 and 1000-ruppe notes out of circulation. Reducing corruption and black market activity is the goal, but it may also cause liquidity problems in the country.
Ether’s problems may also be influencing the Bitcoin’s price. Ethereum has faced some significant problems lately, such as three forks in several months. Market obsersvers are pointing out the network’s recent progress, but it seems that it’s not enough to let this cryptocurrency rebound. Ether’s price fell to the lowest level since April.
Bitcoin is receiving long-term support, staying above the 700 level for more than two weeks now. According to market sentiment data, the market is highly bullish. The data show that 82-89% of traders are going long.
Analysts claim that the price rise hasn’t ended yet and still is being fueled by new bitcoin buyers. That indicates that there is still enough new money coming in to push the prices higher. Another factor which may be driving the Bitcoin’s price is a series of macroeconomic issues.
China has recently imposed capital controls and restricted gold importation. Gold is usually a safe haven asset for investors, so taking it away makes the traders seek for other ones with high liquidity and solid global exchange rates. China has a large population of Bitcoin miners playing a key role in bitcoin trading who see the cryptocurrency as a good method of investment and wealth protection.
Current situation in India may be supporting Bitcoin’s price too. India Prime Minister, Narendra Modi, decided to take out 500 and 1000-ruppe notes out of circulation. Reducing corruption and black market activity is the goal, but it may also cause liquidity problems in the country.
Ether’s problems may also be influencing the Bitcoin’s price. Ethereum has faced some significant problems lately, such as three forks in several months. Market obsersvers are pointing out the network’s recent progress, but it seems that it’s not enough to let this cryptocurrency rebound. Ether’s price fell to the lowest level since April.
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