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Why Bitcoin Breezed Past $8000 In The Past 24hrs

Discussion in 'Bitcoin Investments | Discussions' started by philipj, Jul 24, 2018.

  1. philipj

    philipj GrandMaster Crypto Guardian

    With Bitcoin now at USD 8,219 at time of writing, it appears that the flagship digital currency could finally be back on a bull run. Bitcoin so far have gained over 20%

    Some of the factors contributing to the bull run are;

    1. The US Securities and Exchange Commission’s (SEC) Bitcoin Exchange Traded Fund (ETF) talks which look set for approval, according to an unconfirmed report last week.

    2. As Bitcoin News reported last week, asset managing giant BlackRock is rumored to be considering moves into cryptocurrency. The company, which is the world’s largest asset manager with assets under management of over USD 6.3 trillion as of November 2017, is said to be putting together a team of experts in the field to investigate blockchain and cryptocurrencies.

    3. The appointment of David Solomon as the next CEO of Goldman Sachs – a man who has publicly discussed the financial benefits of cryptocurrency trading. This, of course, on top of the announcement by Sachs itself in May that it plans to use its own money to trade in Bitcoin futures, after a decision by the investment bank’s board of directors following customer pressure.

    4. Regulatory news has also been good for Bitcoin in the last week with comments from G20 members of the international financial watchdog, the Financial Stability Board (FSB), reporting that cryptocurrencies posed no risk to the global financial system.

    Will bitcoin rise to and beyond the $20,000 mark it reached in December 2017? What do you think
    Barnabias likes this.
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  3. Prezzy

    Prezzy Leader Protector

    And if it's not approved ... Don't you think the whole thing will reverse ?
    Barnabias likes this.
  4. SIC

    SIC Active

    With the way the change is moving most are pretty sure it would hit $50k! This year alone.
    Prezzy likes this.
  5. Prezzy

    Prezzy Leader Protector

    Well, that's a very ambitious prediction
    I personally don't think bitcoin SHOULD be jumping around like that

    I feel it won't go from $5k to $50k.
    Even if does (in which case I won't be surprised at all), that means more trouble for us in 2019
    Barnabias likes this.
  6. philipj

    philipj GrandMaster Crypto Guardian

    It's the FOMO of ETF that is affecting the price. I guess they won't approve yet, neither will they disapprove it. What I expect is its delay for some more weeks. Price will come down temporarily, then take off again.