The bitcoin exchange rate remains in the comfort zone near 6300 dollars
As soon as the bitcoin exchange rate continues its sideways movement near $6300, leading analysts say about your “pleasant surprise” stability of the market, simultaneously changing forecasts from “20 thousand per BTC” to the end of 2018 to “18 months bullish trend (BitMEX)”. It seems that now is indeed very difficult to determine the future direction, given the strong reaction to the news background and the absence of correlation with the stock market, which lost in October around 9%.
The actual triggers can be stabilini that recently the most active way of gaining capitalization and numbers. In the community there is no unambiguous opinion in relation to this process. If the reference in this sector Tether lost in the month of October nearly a billion dollars of capitalization, projects Gemini Dollar (GUSD), Paxos standard (PAX), TrueUSD (TUSD) and USD Coin (USDC) has attracted more than $400 million.
All stablename are different large-scale projects, however objective they may be one: to get their hands on “the manual equivalent of” digital liquidity in the future to have the opportunity to influence the market. In the case of Tether experts and community suspect that USDT is used for “pumping” of the market, which, in particular, contributed to the explosive growth of the cryptocurrency at the end of 2017.
Experts also suggest that the flat dynamics of the BTC may be associated with a strong position piatogo dollar. In the event of a change of perspective of the main reserve currency of the planet, Bitcoin may turn it to their own benefit. The impact may also cause movement of the emerging markets, which, along with a cryptocurrency that showed the highs early in the year, and then moved into the phase of the downtrend.
Starting in the near future platforms Bakkt and Fidelity, which will allow institutional investors to securely buy and store cryptocurrency, is also considered a very strong news trigger. The market perceives the news, on the one hand, with hope, on the other hand, with a high degree of fear, remembering how the launch of futures on bitcoin in the past year has affected the dynamics of the market. However, this time it could all be different due to the change in the position of wall Street for cryptocurrency.
Analyst at Fundstrat Global Advisors Tom Lee conducted a Twitter poll among 25 companies in wall Street. 44% of respondents said that BTC has reached its lowest point, so the launch of a new tool can help, not to hurt the future prospects of the stock market.