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$ 6,600: Bitcoin price hits new highs, recent surge factors

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Earlier today, on November 1, the bitcoin price reached a new historical record for the third time last week, surpassing the $ 6,600 mark at the world average.

The main BTC-USD exchanges such as Bitfinex and GDAX record a daily peak of $ 6,592, while the cryptocurrency platforms of other large regions such as Japan and South Korea record transactions in excess of $ 6,600.

Several global bitcoin market data providers, including BraveNewCoin, revealed that the Bitcoin price hit a new world record of $ 6,609, based on the price of bitcoin in the United States, Japan, South Korea and Hong Kong. and Europe.

Main factors in the recent surge in bitcoin prices

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Minor factors such as the rumors surrounding the possibility of the Chinese government taking over the cryptocurrency trade after President Xi Jinping's reelection later this year, the decline in SegWit2x rigid fork support in November, and the strong performance of the Japanese market has contributed to soaring bitcoin prices over the past six days.

The integration of Bitcoin by CME, the world's largest stock exchange option, and not just in the United States, was the main factor behind the recent rally of bitcoin which led to a record price of $ 6,609. , the entrance of large institutional investors into the bitcoin market, and the capital movement on the sidelines to Bitcoin.

As a respected bitcoin merchant and commentator, IamNomad stated:

"For crypto-confused children, why CME [bitcoin futures launch by CME Group] is a big problem, so is it starting to enter the" Money on the sidelines "you've heard about for years … A great product on CME has more volume then (almost) any bitcoin exchange at any given time."

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The entry of institutional and retail traders, as well as their capital stock held in offshore bank accounts and wealth management products (WMPs) will play a crucial role in the growing adoption of bitcoin and in the exponential increase long-term currency.

In the coming months, based on the performance of LedgerX, an institutional trading and clearing platform approved by the Commodity Futures Trading Commission (CFTC) to trade and liquidate currency swaps and options digital, and the planned launch of CME's Bitcoin futures exchange by the end of 2017, more 'money on the sidelines' of high-level traders will be allocated to bitcoin.

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Such a trend will inevitably lead to the allocation of hundreds of billions of dollars in bitcoins in the coming years and will allow bitcoin to reach new heights. Potentially, in early 2018, if the demand for the traditional financial industry can be sustained, the tentative target of $ 10,000 of prominent analysts like Max Keizer will be violated.

Short-term indicators to observe

In the short term, investors would likely benefit from watching American and Japanese bitcoin stock markets and trends surrounding the integration of CME's bitcoin, as well as ETF's bitcoin proposals. Organizations such as Gemini (Winklevoss twins).

Image from Shutterstock to photo

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