Have you heard?
Bitcoin is flying.
In case you hadn’t, let us fill you in. Bitcoin is currently flying high, at the time of writing Bitcoin is valued at $8,180.32, up 2.11%. Bitcoin has made huge gains through the end of July, after bottoming below the $6,000.00 threshold.
Moreover, Bitcoin dominance is up too, sat at 47.2% at the time of writing, suggesting that Bitcoin has a very tight grip on the markets at the moment. The implications of this are simple, the more dominant Bitcoin is, the harder it’ll pull the markets up when Bitcoin surges. Based on history and current trends, it looks as if Bitcoin is about to surge, so, investors are pretty content, for now at least.
Now you’re all caught up, let’s explore what might be causing this recent Bitcoin surge.
Aside from obvious factors such as correction, the organicness of Bitcoin and the rise of Bitcoin dominance, it can be argued that two key events have helped to push its price up. This is because the timing of it all is hardly coincidental.
Firstly, the recent news surrounding Blackrock, the world’s largest asset management company having established a Bitcoin research and working group. Many believe that this news could have triggered some institutional investment and indeed, suggests that the likes of Blackrock are intending to hold a significant position within the cryptocurrency markets soon enough. With Blackrock seemingly onboard, investors are starting to get excited, along with that comes a surge in the price of Bitcoin.
Next, news surrounding Bitcoin Exchange-Traded Funds (ETFs). The United States Securities and Exchange Commission (SEC), a US regulator, have quite recently hinted at the approval of Bitcoin ETFs. Many expect an official statement regarding this matter to come in the next month or so, so, naturally, amongst anticipation, the price of Bitcoin is able to rise once more.
According to AMEinfo:
“The US Securities and Exchange Commission, Wall Street’s top regulator, which in January seemed to shut the door on approving the creation of exchange-traded funds (ETFs) look to have reversed that decision with approval coming as soon as August or September 2018. Cryptocurrency ETFs would go a long way toward making the assets more accessible to everyday investors because they’d theoretically let you invest in the whole ecosystem at a reasonable price point, similar to how investors can now buy shares and fractional shares in all 500 stocks in the S&P 500.”
See the full article for yourself, here.
Of course, there are a wealth of other external contributors to the on going surge in the price of Bitcoin. To pinpoint all of them would be impossible. Regardless of this though, one thing is clear.
Bitcoin is shooting up and frankly, it looks as if there’s no stopping it.