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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.

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Is Demand For Bitcoin Mining in Decline? Chip Maker Slashes Target

Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest dedicated independent chipmaker, has predicted a drop in demand from the cryptocurrency mining community in the fourth quarter this year. The growth target of 7 to 9 percent was slashed to 6.5 percent partly due to the demand dynamics of bitcoin miners. Crypto Mining Demand For TSMC Chips to Weaken Further In Q4 2018, Says CEO C. C. Wei, Chief Executive Officer and Vice Chairman of TSMC told investors at the company’s third quarter 2018 earnings conference that business growth would be offset by “continued weakness in cryptocurrency mining demand”. “Moving into fourth quarter, despite the current market uncertainties, our business will benefit from the continuous steep ramp of7-nanometer for several high-end smartphones as well as the demand for 16/12-nanometer for the launches of new-generation GPU andAI. However, this growth will be partially offset by continued weakness in cryptocurrency mining demand and inventory management byour customers.” The company forecasts growth between 5 and 7 percent for the overall semiconductor market excluding memory, while foundry is expected to grow between 6% and 7%. Weakening demand from cryptocurrency miners has forced the firm to adjust the growth estimate to 6.5 percent in U.S. dollar terms, according to the chief executive. “However, our business is also negatively impacted by further weakening of cryptocurrency mining demand. As a result, we estimate our 2018 growth rate will be about 6.5% in U.S. dollar term, which is close to the foundry industry’s growth but slightly below our 7% to 9% guidance given in the last conference.” The downshift in mining profits is the main responsible for the company’s revision of its full-year sales target, citing uncertainty in the cryptocurrency market as its reason. In April, the Taiwan Semiconductor Manufacturing Company lowered its 2018 revenue guidance to 10% growth from 10-15%, estimating that about 10% of the Asian chipmaker’s revenue depends on cryptocurrency mining demand. Moreover, the entrance of Samsung in the global cryptocurrency mining sector could be providing TSMC their first real competitor in the sector, which in turn, may eventually push the company to lower its sales targets in years to come. Samsung has started the production phase of bitcoin and cryptocurrency mining equipment and ASIC mining chips earlier this year. The company intended to manufacture GPU miners for miners targeting small cryptocurrencies in the upcoming months. President Trump’s trade tariffs, on the other hand, may hurt future trade volumes of Chinese companies producing cryptocurrency mining hardware. This may eventually benefit TSMC as competitors from the People’s Republic of China will have a hard time in the race for the U.S. market. The post Is Demand For Bitcoin Mining in Decline? Chip Maker Slashes Target appeared first on NewsBTC.

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