Since it’s December 2017 peak, the most popular digital Currency (Bitcoin) lose over 80% of its value. On Thursday, Bitcoin price fell below $3,400. However, Cryptocurrency investors had some relief last week.
Rising towards the $3,650 mark on Sunday, Bitcoin prices have risen and maintained over the weekend, which is a promising sign as compare to it’s 2017 rally, when it’s value increased nowhere from $1,000 to almost $20,000. However, investors should not expect too much too soon, according to Nigel Green, chief executive of financial consultancy firm deVere Group.
Nigel Green also mentioned ‘It was a relatively sudden jump, and, of course, positive news for those currently holding Bitcoin. However, the price only reached the top of the trading range and investors should not be popping champagne corks just yet.’
The Bitcoin price is increasing and decreasing tremendously in a matter of hours, as a result of small Crypto events and similar forces were likely to thank for last week’s sudden rally, according to Nigel Green.
There are some great news for Bitcoin traders, Nigel Green Stated ‘First, there are widely published reports that according to a leaked interview with a commissioner, a Bitcoin ETF could imminently secure approval from the US securities watchdog.’
A bitcoin exchange-traded fund and a publicly-traded investment fund, will possibly one day be approved, as per Robert Jackson Jr, a commissioner at the US Securities and Exchange Commission (SEC).
It’s not only Bitcoin that will be impacted from such future events, with other Cryptocurrency prices so closely linked to Bitcoin, other currency such as Ethereum and Ripple can also expect to get the rewards of Bitcoin’s future success.
Nigel Green concluded, ‘Bitcoin is the flagship Cryptocurrency and, as such, we can expect when its values climb, it will drive prices of other major digital currencies such as Ethereum and XRP.’
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