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Bitcoin Price Jumps by $900 Because This is Crypto

Positive surprises are not all that easy to come by in the world of Bitcoin and cryptocurrency. This is especially true when it comes to the Bitcoin price, which is often making headlines for all of the wrong reasons. For some unknown reason, the Bitcoin price is rebounding pretty strongly in the past handful of hours. As such, we are now looking at a value of $7,769 for the first time in nearly two weeks.

The Bitcoin Price may Have a Solid Run

Throughout most of 2018, there has been no positive Bitcoin price momentum whatsoever. Most of the time has been spent catching a falling knife, as the value continued to decline pretty quickly for several months on end. Although we now have an uptrend in place, it is evident there is still a long way to go until this can effectively become a solid reversal. As of right now, we are looking at a net 13.33% gain in value.

While that is rather impressive for many different reasons, it is also a worrisome sign. Considering how the Bitcoin price is bouncing back in vertical fashion, one has to consider how this trend will evolve. It is due time the value per BTC goes up again, but sudden spikes like this one will effectively result in a steep correction at some point as well. Given the correction we have had in the Bitcoin industry throughout this year, it is possible things will get pretty ugly in the months to come.

Even so, the 13.33% decline seems to come up with all kinds of momentum. Not only will it fuel more interest in Bitcoin trading, it is also pushing the Bitcoin Dominance Index back above 43.7%. Although there’s a lot more to cryptocurrency than just Bitcoin, it is evident all other currencies need the world’s leading cryptocurrency to go up in value as of right now.

The Bitcoin trading volume is also – finally – showing some signs of life again. After a few days of being stuck around $4bn, it is now back to $7.32bn where it belongs. While this is still well below the volume most people would like to see, it does indicate the demand for Bitcoin has not necessarily slowed down over the past few weeks.

This increased trading volume does not originate from just one exchange, by the look of things. More specifically, Bitfinex is still dominating the market, as it has always done. OKEx is claiming the second spot, with Binance in third and fourth position. Upbit closes to the top five, which means we have just two fiat currency pairs in the top 10. The two USDT pairs are also interesting to keep an eye on. Surprisingly enough, Upbit’s Bitcoin price is $300 lower compared to the West.

How all of this will play out for the Bitcoin price, remains to be determined. While one can appreciate the current spike, it may not last all that long, depending on how the market responds. A lot of people will take quick profits after buying in at $6m500, which is only to be expected. Even so, there are a lot more people waiting for the Bitcoin price to return to $12,000 and more just to break even.

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Institutional Investor: Crypto Will be Worth Trillions, Launches Hedge Fund

After leaving his position as an executive at Steven Cohen’s Point72 hedge fund, Travis Kling decided to start his own crypto-focused fund. This was a big and bullish announcement back then, but it still wasn’t enough to save the crypto market, which crashed only a month later. The following nine months were almost completely ruled by the bears, which has brought a lot of damage to the crypto world. Still, according to new reports, Kling has never given up on this project, and it seems that he will finally be ready to launch the new hedge fund over the next month. The dates have not been set yet, and it is possible that the fund’s launch will be as soon as in about two weeks. Former Point72 Manager Plans the Launch of His Own Crypto Fund The fund has been expected for a long time now, and according to what is known, it will be based in Delaware. Some reports even managed to find out that the name of the fund will supposedly be “Ikigai”. While nobody known for sure when the fund’s launch is actually going to be, it is known that it will happen in October. At first, the fund will be backed by a certain amount of capital that Kling’s unnamed partners have invested. However, later down the line, after the project starts its development properly, Kling plans to search for additional investors. Additionally, he will also add $15 million on November 1st, according to the reports. Eventually, by the time the mid-2019 arrives, Kling hopes that the fund will grow and expand to around $100 million. He even expects Ikigai’s venture branch to rise to $33M in capital invested. As for the foreign investors interested in the fund, they will be capable of allocating capital through investment vehicle based on the Cayman Islands. A Multi-Trillion Asset Class? During one of his recent interviews, Kling stated that he truly believes in the project, as well as the concept, and those willing to back it. This, more than anything, indicates that the project is more than just an attempt to generate large profits. Kling stated that he expects this to become a multi-trillion asset class that will expand to touch everyday life. He stated in an interview: It’s still very early, but the development and growth of this technology will be exponential. The firm will have a 13-person team that is said to be located in Los Angeles, while the fund will seemingly follow the regulations implemented by the Delaware government. Many believe that Ikigai’s launch will come on October 1st and that most of the allocated capital will remain in cash, at least at first. This is due to the fact that the investors are still trying to find a secure way into the crypto world. The post Institutional Investor: Crypto Will be Worth Trillions, Launches Hedge Fund appeared first on NewsBTC.

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