Bitcoin took a $10 000, what is lacking for the growth of the above?
Bitcoin is trading at the end of the week close to $10,500, adding almost 6% in the last 24 hours. The active phase of growth began in the night of 1 August, received a boost in the morning. According to CMC, 31 July the trading volume grew by 21%, when an upward trend is good news for cryptocurrency in General.
BTC steadily crossed the 50-day MA, however, to say that the bulls took the initiative in their hands will be after a break above $11,800, that is, after closing the gap, marking the start of the recent sales. Together with the growth of bitcoin and altcoins has passed, however, their dynamics is much more modest.
So what are the reasons for the current surge of growth: market speculation, the fed rate cut, for technical reasons, fundamental events? Most often, market participants refer to it on the fed rate cut and tweet about LedgerX about the launch of deliverable futures for bitcoin. This event from two different worlds, so why cryptologist, which seeks to Satoshi’s vision of “a world without banks and middlemen” so much wants to tie the dynamics to the processes of bitcoin in the traditional financial sector?
In addition to fatigue from accusations of “hollowness” of the bitcoin market participants are trying to find any reason to justify the future growth of BTC. In the case with interest rates investors are hoping that the free liquidity will go towards risky assets, “king” which is bitcoin. This approach has opponents, who believe that the digital currency is absolutely nothing to do with the events in the traditional financial world, and the only factor influencing the price is speculation.
The participants of the stock market has also long been waiting for deliverable futures on bitcoin, do not miss opportunities to speculate on this. Thus, LedgerX, for some reason, tweeted about the launch of their futures, denied the Commission on trade commodity futures (CFTC). Apparently, the desire to be faster Bakkt so great that in the course are any tricks.
All the above indicates that the main driver of cryptocurrency are exactly speculation, but not any fundamental news. While all attention is focused around bitcoin, as investors are pulling out of events where the digital currency actually work as a convenient means of making payments.
It became known that stabilin USDT very popular in settlements between Russia and China. The merchants of China bring on the Moscow off-exchange venues from $10 to $30 million a day, receiving tokens in their accounts. After returning home, they can easily exchange USDT on the Fiat, despite the prohibitions of the government. They turn to the OTC market maker that is registered on the major exchanges, receiving the transfer to a Bank account. Many doubt the security token USDT real dollars, but who cares if the cryptocurrency being used as transit, and is convenient to all parties?
The market now could really use Bitcoin Stable. He’d drawn a line under all projects like Libra or even TON. The reference cryptocurrency has it all: recognition, infrastructure, demand. No one: stability rates for existence as a means of payment.
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