Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bitcoin breaches another important milestone extending its gains above $11,300 levels. With this, Bitcoin has rallied over 20% in just last one week.
Just within 48 hours after Bitcoin price crossed the $10,000 price levels, it has inched a 1000 points further. On Monday, June 24, Bitcoin surged past $11,300 levels according to the chart on CoinMarketCap. However, it quickly retraced from those levels and slipped below $11,000.
At the press time, Bitcoin (BTC) is trading at a price of $10,821 with a market cap of $192 billion. Moreover, with last weeks price surge, Bitcoin’s dominance in the overall cryptocurrency space has surged to nearly 60%.
Over the last month, a number of experts turned bullish suggesting massive targets ahead this year. Some cryptocurrency analysts even vouched for Bitcoin saying that it is likely to cross its all-time high of $20,000 by the end of 2019. With a 20% surge over the last week, it looks like Bitcoin bulls are taking some rest resulting in the price consolidation.
Facebook’s Libra Launch Impact
Also, there were some major announcements in the crypto industry. Tech giant Facebook released the whitepaper for its Libra cryptocurrency which has got everyone talking about it. So far, there’s a mixed bag of opinions from financial experts on Facebook’s Libra launch.
Some experts say that Facebook’s Libra launch has got the global financial industry to get more serious about crypto. Speaking to CNBC, Jehan Chu, co-founder of Kenetic Capital, said:
“The price surge is due to two major factors, one is an increasing consensus among the investment community that bitcoin is a legitimate store of value for the digital age, and two Facebook’s Libra cryptocurrency launch has forced every CEO to take crypto seriously”.
Speaking to Bloomberg, the Edward Moya, chief market strategist at New York-based Onda Corp. stated that Libra official announcement is validating the crypto space by pushing the overall crypto market northwards. “Bitcoin volatility is likely to persist, with $12,000 and $15,000 as the next two critical resistance levels,” added Moya.
However, one thing is sure that global institutions are surely warming up to Bitcoin. Even before the release of Libra financial giants like Fidelity, ICE and others are already making their move. Fidelity launched its custodial solutions for institutional clients a few months back. And ICE recently announced that it will start testing its Bakkt Bitcoin Futures contracts next month onwards after months of waiting.
Moreover, eToro senior market analyst Mati Greenspan says:
“The market has matured greatly since the last time Bitcoin crossed $10,000. This run is far more justified given the current level of adoption.”