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Bitcoin Price Watch: Currency Shoots Up to $7,500

At press time, bitcoin has reached $7,500, a coveted position according to most analysts. Many believe that $7,500 will lead the path to $8,000, and now that the first figure has been reached, the second will be easy as pie.

One source explains that the big number to be concerned about, however, is $7,530, and granted bitcoin can reach this number in due time, we’re likely to see explosive gains in the coming weeks. It suggests that $7,605 is the next big figure to hit, while $7,625 will arrive soon after, followed by $7,717 and then $8,000 respectively. This could then open the door to $8,034.

Support for bitcoin presently lies at $7,392. If the currency can remain above $7,439, all should be fine in the community, and bitcoin will likely continue experiencing price surges.

BTCUSD: Bitcoin To The Moon Pt.6 (The End?!) - Altcoins Market Update

Bitcoin’s market dominance lies at 45.1 percent, which is a bit smaller than where it stood last April (48 percent). Also, bitcoin appears to be the only major coin incurring price ascensions, as smaller altcoins and competing currencies are struggling to maintain their positions on the financial ladder. Ethereum, for example – the second-largest cryptocurrency by market cap and the number one competitor to bitcoin – currently sits at $467, nearly $50 less than where it was trading for last Tuesday.

One of the reasons for bitcoin’s consistent rises may be growing interest among high-ranking Wall Street players. True Digital, for example, is a digital currency agency led by Sunil Hirani, the founder of interest rate swaps exchange trueEx. The company recently announced two new interest rates, and has teamed up with Wall Street players like Goldman Sachs, DV Trading and Hehmeyer Trading.

“If you grab the data off an API from a crypto exchange, you don’t know where the data came from,” Hirani explains of the new rates. “99 percent of institutions that haven’t gotten involved will have more confidence in the market with a product like this.”

Head of Genesis Global Trading Michael Moro provides data for True Digital’s reference rates. He says the price data from an OTC desk is more likely to attract Wall Street investors.

“While the exchanges dominate volume, the truly institutional guys are trading OTC, and it might be a truer indication of where those institutional trades will get done,” he explains. “The OTC market is going to give you a much better sense of the price on million-dollar trades. What True Digital is trying to do is address the more institutional crowd.”

This, in turn, leads to an argument we’ve been hearing for years: that bringing more institutional investors on board will legitimize the arena, making it safer and less vulnerable to volatility.

Bitcoin Charts by TradingView

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Bitcoin Price Watch: Currency Briefly Falls Below the $6,000 Mark Before Recovering

At press time, the father of cryptocurrency is trading for just over $6,000. This is about $200 less than where it stood during yesterday’s afternoon hours. The coin is continuing to fall deeper and deeper into red territory, though this price is an improvement over where it stood during the early morning, when it fell below $6,000. The currency is now just a few steps above its lowest point of the year, which it hit on June 18 with a price of just over $5,770. The cryptocurrency market cap has shed approximately $21 billion off its back in the last 24 hours, and it appears the crypto space is being targeted by massive sell-offs. In other words, bitcoin is not alone in its present state. The currency is struggling to maintain its position on the financial ladder, yet it’s still doing relatively well in comparison with entities like Ethereum, which has fallen below the $300 mark – the lowest it’s been all year. Also, Ripple – the third-largest cryptocurrency by market cap – has also fallen by roughly 14 percent. Charles Hayter, CEO of CryptoCompare, is blaming the SEC’s decision to postpone any action towards the bitcoin ETF submitted by VanEck SolidX. “This has snowballed negative investor sentiment,” he explains. Some, however, are refusing to give in to all the hype and say that bitcoin still has the power to unite cryptocurrencies across the board. One Reddit user for example, recently posted his thoughts regarding the recent sell-off. “Am I selling now?” he asks defiantly. “No way. Why not? Because bitcoin is not broken. Nothing bad happened to bitcoin. It still works. Will there be bumps along the way? What do you think we’re experiencing now? Some of [you]get to decide: are you going to be a coward or not?” Hayter further commented that the bitcoin arena is only going through ups and downs because it is still a developing market; that it holds a strong position in the financial infrastructure, but needs more time to mature: “Bitcoin and its ilk are opening up a new arena of finance. The hope and speculation that gripped the market last year has been eroded in the last few months. That said, under the hood, a lot of work has been moving ahead to form the routes to incumbent institutions and to provide them with the tools, mechanisms and assurance they need for entering the cryptocurrency space. It’s only a matter of time before the crypto sphere becomes part of the mainstream, but it needs to do a lot of growing up in the process.” Bitcoin Charts by TradingView

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