Yesterday, November 30, the price of bitcoin fell below $ 9,100, rising to $ 9,000 at some point. Massive sales took place on Bitfinex, the world's largest cryptocurrency exchange by transaction volume.
In a few hours, the price of bitcoin was restored to $ 10,200, jumping over $ 1,200
Major corrections planned
Throughout the year 2017, the price of bitcoin has continuously reached new historical highs without major corrections, with the exception of the Bitcoin-Bitcoin Cash crash on November 12th. Thus, many analysts have indicated that a major correction is expected, given that the price of bitcoin has maintained its upward momentum during various rallies without large liquidations
The BitGo engineer, Jameson Lopp, said that a correction or a 50% decrease in the price of bitcoin would only delay it by two months, underlining the exponential growth rate bitcoin throughout 2017.
So we expect minor and major price corrections to occur along the way, especially in the short term.
However, on November 30, CCN reported that $ 6.8 trillion Nasdaq stock exchange, the world's second-largest stock market behind the New York Stock Exchange, revealed its plans to allow futures trading bitcoin in the first half of 2018.
"According to sources close to Nasdaq's plans for a Bitcoin futures market launch, the Nasdaq futures and Nasdaq contracts will be listed on Nasdaq Futures. Traditional financial and stockbroking firms will be able to engage in bitcoin trading, "according to the report.
Optimism around future Bitcoin, Bitcoin will launch another rally by the end of 2017
Given the entry of Nasdaq and other major financial institutions such as Cantor on the bitcoin market, the global bitcoin market will show significant optimism about the medium-term growth trend for bitcoin.
Earlier this month, Coinbase CEO Brian Armstrong said $ 10 billion of institutional capital is expected to flow into the bitcoin market by the end of 2017. This figure could increase significantly with the integration of Nasdaq's bitcoin in the first half of 2018, the Nasdaq would allow the vast majority of traditional financial sector investors to engage in bitcoin trading and invest in the new class of # 39; s assets.
In an interview with the Wall Street Journal, Shawn Matthews, managing director of Cantor Fitzgerald & Co., noted that bitcoin is a new class of assets that shares the same sentiment as Leo Melamed, president of CME.
"The asset class is not going away, if you look at the next level, it will be the institutions that will come in and that will be more important in the market. 39 as much as liquidity improves, "said Matthews
Billionaire investor Mike Novogratz and Bitfury Vice President, George Kikvadze, explained that the majority of investors and stock exchanges in the traditional financial sector were planning to settle in the market bitcoin.
"Every research department on every regulated stock exchange says," Can we do that? "The majority of the costs associated with this are marketing.If people want to trade this thing, why not you?" It's a gift from heaven, "added John D & # 39; Agostino, a former executive of Nymex.
Given the optimism of the bitcoin market regarding the launch of Nasdaq's term bitcoin and the entry of billions of institutional dollars into the bitcoin market, the price of bitcoin is expected to increase while at the same time. long of December.