Shilly shill shill.... What lies ahead for Bitcoin could be more hundred dollar bills? Well according to recent articles across major crypto publications this week there may be some truth in the question above and Bitcoin may indeed be on the rise finally.
In this article I'd like to cover some of the positive news that has come out lately and why it may be contributing to Bitcoin's slow and steady creep towards higher valuations.
One factor that may be pushing higher valuations is the fact that South Korea (which is a major trading market) recently announced that they were loosening restrictions on all manners of cryptocurrency trading across the board, including examining allowing domestic ICOS. This is positive but I wouldn't call this piece of news alone a 'game-changer.'
Another major occurrence is the increasingly successful lightning network. Some reports making the rounds online have even stated that the lightning network capacity is increasing 50% every week. Additionally, 20 new stores per day are accepting Lightning payments.
I'm going to just sort of write-off the lightning network having anything to do with the pump for now because I honestly don't feel its a major factor in valuations at the moment...
Coinbase announced on Monday that their “Coinbase Custody” product was officially live. This could be a huge reason for the push upwards as this year's dump was due to the market calling the prices overbought and rightly so. Where are the real world use cases? Everyone has been sitting on their hands waiting for 'institutional investors' to come into the market and put it back on an uptrend so this Coinbase news makes the most sense to me at the moment. Or perhaps major investors are worried people are getting turned off to the constant downward movements of valuations and feel they need to put some confidence back in the market finally...
All we have is speculation at the moment but I for one would gladly welcome a return to the glorious bull run days we saw in 2017!
What are your thoughts on current market sentiment as we make our way into July 2018? Any bright spots I forgot to mention?
Source:
Bitcoin Price Jumps Above $6,800 as Momentum Builds - Hacked
Image Source:
Hacked
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Either mild upwards movement or sideways trading for the next few months
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Either mild upwards
Movement or sideways trading
For the next few months
- programmingvalue
I'm a bot. I detect haiku.
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Coinbase custody is big news for us, opening the floodgates for traditional money to join. I've got my positions ready to go!
Great post, thanks for sharing!
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