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$ 9,771: What drives the Bitcoin price to new historical highs?

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On November 27, the bitcoin price reached a new historical record for the second times in the last 24 years. hours, exceeding $ 9,771 and approaching $ 10,000.

Yesterday, November 26, CCN reported that the price of bitcoin set a new historical record of $ 9,060. Within 24 hours, the price of bitcoin went from $ 9,060 to $ 9,771, or nearly $ 700 a night.

Since it reached $ 9,771, the price of bitcoin has stabilized in the region of $ 9,550. Short-term indicators such as the Moving Average Convergence Divergence (MACD) demonstrate a strong short-term momentum for Bitcoin, and analysts like Max Keizer and billionaire investor Mike Novogratz expect the price bitcoin exceeds $ 10,000 this year.

Why is the price of bitcoin increasing?

The launch of the CME group's bitcoin futures market imposes an impact similar to that of the bitcoin ETF on the global bitcoin market in March. The difference between the anticipation of bitcoin on bitcoin in March and the stock market hype on the bitcoin of the CME group is that the latter is guaranteed, given that another exchange of bitcoin options in LedgerX has already approved and regulated by the Commodities and Futures Trading Commission (CFTC).

To better understand the impact of the emergence of government-regulated bitcoin futures on the global bitcoin market and the liquidity of bitcoin, it is important to recognize the fact that It is difficult for casual investors and new traders to trade and invest in bitcoin due to strict Know Your Customer (KYC) and Anti Money Laundering (AML) rules

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The process of acquiring a Bitcoin trading account for a month and the steps of transferring funds stored in stock exchanges to a personal Bitcoin portfolio may be difficult for new investors, especially those who have been in the traditional financial sector. the majority of careers.

In most regions, merchant bank accounts are linked to brokerage accounts and investment companies such as CME, Fidelity and Goldman Sachs. In December, traders will be able to seamlessly transfer funds from their bank accounts to the bitcoin market, using the same infrastructure that they have used in recent decades.

Analysts such as Bitfury's vice president, George Kikvadze, expect tens of billions of dollars to circulate in the near future in the bitcoin space of $ 10 billion. more than the CEO of Coinbase. ]

Where is Bitcoin Going in 2018?

The adoption of bitcoin as a store of value and as a means of payment is rapidly increasing. If second level scaling solutions are integrated by major Bitcoin service providers by next year, businesses and merchants will be able to accept Bitcoin payments with transaction fees. reduced by their customers.

In countries like Japan, large retailers and companies like Bic Camera, Peach Airline and Capsule have already begun to accept bitcoin through strategic partnerships with cryptocurrency exchanges.

If the adoption of bitcoin both as a stock of value and as a method of payment increases throughout 2018, the price of bitcoin will likely increase at a rapid rate.

Image from Shutterstock.