Bitcoin and altcoins have come alive. Cryptovalies are helped by the external environment.
Cryptocurrencies have come alive again. Bitcoin gained 35% within a month, bitcoin cash - 17%, ethereum - 6%, and litcoin - 11%. The market capitalization of the entire market increased to $ 300 billion. Apologists for virtual money are full of optimism. There is no shortage of voices that the world's largest cryptocurrency may still grow, beating the tops of December last year.
- This may be a turning point for the largest rally of bitcoin bulls in history - this entry from Mati Greenspan, cryptocut eToro analyst from Monday caused a big stir among the crypto investors. Of course, bitcoin has recently gained again - during the month by 35 percent, and only for the last 7 days by 11 percent. - but can the fuel be enough for another boost? Supporters of virtual currencies say clearly - yes.
At the time of writing, bitcoin now costs over 8,000. dol, i.e. the highest since May peak.
Where does this ferment come from? Let's look at some of the last time information that could give new hopes to the market:
- The increase in the popularity of bitcoin may be related to the change in the policy of the Bank of Japan. Where do you get these assumptions? Let's look. The Reuters agency writes that inside the Bank of Japan (BoJ) there is an extremely active discussion ahead of the meeting at the end of July.
- A potential change in the policy of stabilizing the profitability of long-term government bonds in the vicinity of zero or a change in the asset purchase program would be at stake. Sources say that BoJ would like to maintain an accommodative monetary policy, but to a lesser extent adversely affecting the result of the banking sector - writes Rafał Sadoch from DM mBank.
Some investors in Japan are therefore afraid of changing monetary policy and wanting to hedge against turbulence, invest in bitcoin. Data confirm this. Currently 55 percent Bitcoin transactions are performed using the Japanese yen.
Interestingly, in December last year, when bitcoin price was approaching historical peaks, it was the Japanese who were the lion's share of the rally.
Japanese yen is responsible for 55 percent. transactions on bitcoin
Photo: cryptocompare.com
Japanese yen is responsible for 55 percent. transactions on bitcoin
SIX - a company which is the owner and operator of the Swiss stock exchange, announced a plan to launch a fully regulated cryptocurrency exchange platform. This is another step by Switzerland in developing the blockchain ecosystem.
Exams Chartered Financial Analyst (CFA) will contain questions about blockchain technology. CFA exams are a valued and prestigious international qualification in the field of investment consulting. It is said that this movement will certainly bring about widespread knowledge of Wall Street cryptocurrencies.
In the US, the US Securities and Exchange Commission (SEC) is considering the Cboe Global Markets application for the creation of an ETF for bitcoin.
The cryptocurrency market is becoming an increasingly tasty morsel also for the largest institutional investors. Not only JP Morgan or Goldman Sachs are interested in virtual money, but also BlackRock, the world's largest investment and asset management company, estimated at over USD 6 trillion. Any signal from fat fish interested in entering the crypto market can be read as an incentive to anticipate growth in the future.
