Let’s Talk Cryptocurrencies is BullMarketz weekly update of everything that’s happened on the cryptocurrency market in the past week. We cover all the ups and downs and provide you with all the information you need to make well-informed decisions about your investments in digital currencies. This summary is not excluded to the major currencies such as Bitcoin and Ethereum but includes all digital currencies.
Find the best trading platform. You capital is at risk when trading. Be careful.Has the market finally turned? It sure seems so. By the looks of it we might have hit rock bottom about two weeks ago, and if we listen to most analysts, prices will only go up from here. After last week’s incredible bull run, Bitcoin has been on a steady increase and slowly but surely the whole market is turning bullish. And positive news seems to be the theme lately as we have several positive developments to report on, many of which can be traced to an increased interested in cryptocurrency futures and ETFs.
Bitcoin is looking really bullish for almost the first time this year. After having struggled for several months, it looks like Bitcoin hit rock bottom roughly 14 days ago and now the sky is the limit. Early last week, Bitcoin surged by 10 percent in less than an hour, and since then the increase has been steady. Right now, Bitcoin is trading at a two month high and is set to push past $8,000 during the coming week.
One of the main reasons for Bitcoin’s bull run can be traced to Blackrock – the world’s largest ETF provider. In a statement published last week, Blackrock announced that they are eyeing Bitcoin and that they might add the crypto asset in the near future.
CME is another major trading organization that is bullish on Bitcoin right now. In a report published on Twitter last week, CME announced that the average daily trading volume of Bitcoin futures had increased by 93 percent in the second quarter. According to recent projections, the trading volume could increase even further in the third quarter. Naturally, this is also a sign that the market is about to turn since futures have an increasing influence on the cryptocurrency market.
Several of the world’s largest CFD and forex brokers have reported impressive growth thanks to cryptocurrencies. IQ Option, eToro, and Plus500 have all managed to develop unique and interesting cryptocurrency products, and it has started to really pay off. And they are not stopping there. IQ Option recently launched a cryptocurrency wallet/exchange called Hodly and eToro is working on a similar project, while Plus500 constantly makes updates and changes to optimize their cryptocurrency product. Hopefully, 2018 will be an even better year than last year when several records were set by all of these brokers.
IBM is launching an experimental cryptocurrency and blockchain. According to recent reports, IBM has partnered with fintech start-up Stronghold USD in order to develop a brand new stablecoin pegged to the dollar. There are two goals for the new asset, to make transactions between institutions smoother and to try and stabilize the whole market with another stable cryptocurrency. Since the new asset will be pegged to the dollar it will share many similarities with Tether USDT, however, the blockchain will be based on Stellar.
The US Congress held not one but two cryptocurrency hearings on the same day last week. The first hearing was held by the House Agriculture Committee and the second by the House Financial Services Committee. Both committees had two very different views on the matter with the former being the most positive and the latter being more conservative. However, no definite decisions were made, and most of the discussions were focused on trying to determine what Bitcoin and other cryptocurrencies actually are or at least what they should be classified as.
For more day trading news and investment advice, we recommend that you check out our weekly trading segment called Let’s Talk Business where we cover the latest developments in all major markets. And if you’re looking to start trading cryptocurrencies we suggest you check out our Libertex and their impressive selection of cryptocurrencies or IG Markets and their award-winning services. AvaTrade and 24Option also offers cryptocurrency trading. Read our AvaTrade review and 24Option review by following the links.
Find the best trading platform. You capital is at risk when trading. Be careful.