Daily Management Review

Mad rally: Bitcoin broke all records


11/17/2017


The most popular crypto currency in the world, Bitcoin, rose to a record $ 8 thousand, even though less than a week ago it showed a rapid decline. Experts believe that such high volatility is inherent to the market of crypto-currencies since Bitcoin’s value depends on the news background. According to analysts, the current growth indicates a decrease in nervousness in the market, and predicts further growth of the crypto currency.



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Bitcoin made a giant leap in less than a week - on Monday its rate was $ 6,366.73, and already on Friday the crypto currency set a historical record, exceeding the $ 8,000 mark.

The previous record figure ($ 7,882) was reached on November 8.

According to Spencer Bogart, the head of research at Blockchain Capital, the current growth can be explained by revival of interest in the Segwit2x.

Last week, the markets expected an update of the protocol in the bitcoin system (SegWit2x), which was intended to change a number of rules. The attitude of market participants to this project remains controversial. Some players expected that with its launch, the price for crypto-active would multiply, many "held" and bought bitcoin. However, in the end, the launch of SegWit2x was postponed.

"Despite the fact that its implementation has been postponed, there are still groups of people who are planning to complete the hard fork. As a result, part of the capital flows from other crypto-currencies into bitcoin ...", - Bloomberg agency quotes Spencer.

Once prominent fork supporters Jeff Garzick, Mike Belshe and Jihan Wu said that they abandoned their plans, investors were inspired and spurred the rapid growth of the bitcoin rate.

The night rally on November 17, when bitcoin overcame the $ 8,000 mark on the Bitfinex exchange, was triggered by not even officially confirmed information about the start of testing of the futures on the Chicago Mercantile Exchange (CME) on November 20.

By the end of the year, the market almost unanimously expects $ 10,000 for BTC, that is, about 20% higher from current levels. The crypto currency market is ruled by news. Positive news can move the price to new heights with the immediate goal of $ 8.5-8.6 thousand for bitcoin. Negative will lead to a drop to the nearest target of $ 7-7,1 thousand. It is difficult to predict the prospects for a month and a half ahead, as the market is very volatile.

source: bloomberg.com






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