Bitcoin Prices Rising Again

Bitcoin Prices Rising Again! Here’s the Latest

Have you ever found yourself wondering what your portfolio might look like if you had bought Bitcoin earlier?

So far it has extended its gains this year to a new 17-month high which has reignited the cryptocurrency craze.

That’s not all…

Other digital coins have also risen with Ethereum more than doubling for this year.

Okay, we know what you are thinking

You still have memories when the Bitcoin bubble came crashing down in 2018 from its record high of over $19,000 in December 2017 to fall to $3,000 at the beginning of 2019.

Get this: This time it is different

According to Bart Smith, Head of Digital Assets at Susquehanna International Group, there are reasons why Libra is a benefit for Bitcoin.

One is that when people dig into Bitcoin and really understand it, they tend to be more positive about it and when people are negative about Bitcoin, it tends to be ill-informed.

He added that if 2 billion users and a percentage of Facebook users starts to kind of look at Libra and try to understand how it’s different and similar from Bitcoin, he believes that it’s a positive.

Jehan Chu, co-founder of Kenetic Capital and an investor in blockchain start-ups in another interview also noted that there are two major factors that are contributing to the price surge in Bitcoin and other digital currencies.

Namely, the growing consensus in the investment community that bitcoin has become a legitimate store of value, and the other factor is the recent launch of Libra cryptocurrency on June 14th by Facebook.

This has forced business communities to take cryptocurrencies seriously.

Experts are saying that the surge in Bitcoin price is related to the Facebook cryptocurrency project, Libra and played a massive role in driving the price of Bitcoin upwards to $10,000.

Look:

Libra was the icing on the cake!

Bitcoin has been steadily climbing higher since late February as blockchain and cryptocurrency-related projects are gaining traction with major companies.

Fidelity is only one of the latest companies who announced their cryptocurrency custody and trade execution operation this year.

Still not convinced?

Tweets within hours related to Libra and Bitcoin saw a significant rise from 30,000 to over 40,000 in 24 hours, a rise of around 33%.

The arrival of Silicon Valley firm, Fidelity into the cryptocurrency space is seen as a positive.

What’s more interesting…

Is that most of the tweets mentioned Libra which were six times higher than tweets involving Bitcoin.

The launch of Libra was covered by major media news outlets from Fox Business news, Bloomberg, The New York Times and The Verge, resulting in an increased awareness of cryptocurrencies.

But you know what else?

Prominent anti-establishment proponent, Max Keiser tweeted that the launch of Libra will add to Bitcoin’s network value and will be instrumental in the success of Bitcoin, not the downfall.

He believes that Libra will drive Bitcoins rate higher to all-time highs of $20,000.

Agreeing with Keiser, Fundstrat’s Tom Lee, an optimist of the cryptocurrency market, reportedly said that Libra is complementary to Bitcoin.

He believes that Bitcoin is on the horizon of $10,000 and once it breaches it, $40,000 will follow quickly.

But one thing’s for sure

The sentiment on Bitcoin is positive! It hit an intraday high of $13,844.77 on June 27, 2019 at 03:59:58 GMT +8 according to Bitcoin Price Index, Coindesk.

Bitcoin Price Index from Coindesk
Bitcoin Price Index from Coindesk

The key psychological $10,000 mark, will probably be the FOMO (fear of missing out) trigger according to many experts speaking on Bitcoin.

Experts believe that it could quite easily take out its all-time highs.

The fact of the matter is

Bitcoin is rapidly gaining support by institutional demand and big business based on blockchain technology and if we can believe the experts, it is set for ‘lift-off’ soon.

The good news is this:

There is still time to take advantage of trading cryptocurrencies and Bitcoin by trading with a safe and reliable broker that can offer you a complete package like eToro.

Cryptocurrency CFD trading on eToro
Cryptocurrency CFD trading on eToro

It’s pretty obvious that this is about to happen

You only need to look at the institutional demand for Bitcoin lately when it soared.

CME Group reported 5,311 contracts with a total of 26,555 Bitcoins which in money terms amounting to approximately $246 million – all on a single day!

Bitcoin derivatives exchange BitMEX also reported a record volume which all suggests smart money is pouring in.

Here’s the first thing to do so that you don’t get left behind:

Sign-up with eToro!

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You will discover that they provide the most popular cryptocurrencies like Bitcoin, Ether (digital currency for the Ethereum blockchain), Bitcoin Cash, Ripple, Dash, Litecoin, Ethereum Classic, Stellar Lumens and NEO to choose from.

That’s not all…

They recently launched the eToroX exchange with new instruments, the additions are:

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  • 17 fiat pairs: USDEX-EURX, USDEX-GBPX, USDEX-JPYX, USDEX-CHFX, USDEX-AUDX, USDEX-NZDX, USDEX-CADX, USDEX-RUBX, USDEX-CNYX, EURX-GBPX, EURX-JPYX, EUR-CHF, EURX-AUDX, EURX-NZDX, EURX-CADX, GOLDX-USDEX and SLVX-USDEX

And you know what?

eToro have made it a whole lot easier to store, send and receive multiple coins with eToro’s digital multi-signature wallet – a smart and convenient way to convert between them easily.

The best thing is that eToro has a unique and innovative platform with its CopyTrader feature.

How can you actually use this?

This allows you to copy other leading traders.

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Here’s the point

You can simply copy another successful trader’s portfolio without all the hard work.

You can sit back, relax and watch the money come in.

Here’s another interesting thing…

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Awesome isn’t it?

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Our point is this:

Bitcoin block reward halving is set for May 2020 (11 months away).

What is it?

This is when mining block rewards are cut from 12.5 to 6.25 Bitcoins. This event already happened in 2016, a year before prices soared!

PlanB, a Bitcoin market analyst believes investors are not waiting around this time for the expected reduction in supply.

However, this time Bitcoin is pre-empting the event with the digital coin rallying to five figures.

Today…

More and more investors see Bitcoin’s supply as fixed and transparent with open-access money that no authority can control.

In fact, it is being dabbed as the “new gold”.

As an example…

During the latest trade war sanctions between the US and China, there was a surge in demand for Bitcoin as a safe haven when the markets hit headwinds.

Bottom line?

Confidence in Bitcoin that it will outperform fiat currencies has investors dumping ever-depreciating fiat currencies for ‘the new digital gold’.

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