Earlier today, December 2, the bitcoin price will be $ 1.25. is restored to $ 10,500 after falling below $ 9,000 on November 30th.
Since November 1, in a month, the price of bitcoin has skyrocketed by 42.8%, from $ 6,000 to $ 10,500. Analysts were expecting a major price correction in the cryptocurrency market, as the value of other prominent cryptocurrencies such as Ethereum and Bitcoin Cash has increased significantly along with bitcoin.
Historically, the price of bitcoin tends to follow a trend in which it reaches a new absolute record, undergoes a major correction, but bounces back to its highest historical level and prepares for new rallies. The same trend has been demonstrated by the development of bitcoin prices in recent days, as the value of bitcoin has exceeded $ 11,000, dropped to $ 8,800 and found $ 10,500.
The correction creates a healthy uptrend
A major correction in the cryptocurrency market creates a healthy uptrend for most major cryptocurrencies, such as bitcoin, as the market stabilizes and investors begin a new hike. As a result, after the $ 8,800 drop, the price of bitcoin is at a better and more stable position to support the bullish momentum and the short-term push.
Earlier in the day, the financial institution CME Group, the world's largest stock exchange, announced December 18 as the official launch date of its bitcoin futures exchange. In previous interviews, CME Group executives stated that the December 11 date had been leaked in error and that the company had never intended to launch its bitcoin futures market at this time. dated.
In an official press release issued December 1, the CME Group reaffirmed that its futures market bitcoin regulated by the Commodities and Futures Trading Commission (CFTC) will be launched December 18.
"We are pleased to introduce Bitcoin futures into the market after working closely with the CFTC and market players to design a regulated offering that will provide investors with transparency, discovery of prices and transfer of risk. Terry Duffy, President and CEO of the CME Group.
The entry of CME into the bitcoin market will result in an increase in Bitcoin's liquidity as a widely recognized reserve of value and digital currency. Following the launch of CME's bitcoin futures exchange, several large-scale hedge funds will pledge to invest in bitcoin, including the Man group, worth $ 95 billion.
By the end of the year, billions of dollars will flow into the bitcoin market and, as a result, they will likely create a domino effect in all major markets. Occasional investors and traders will rush to invest in bitcoin, leading to a short-term rise in the price of bitcoin.
It is likely that the price of bitcoin will continue throughout the first half of 2018, as Cantor, Nasdaq and other major financial institutions will also incorporate the future bitcoin of the world. here 2018.
Vs Bitcoin. Gold
Bitcoin currently accounts for less than 3% of the world's gold market. However, the value of gold has declined over the past five years and the definition of a safe haven asset clearly indicates that safe haven assets either increase in value or remain stable. Thus, given the bitcoin's transportability, the fixed monetary supply and the decentralized structure, bitcoin is a better safe haven than gold.
As more and more institutional investors enter the bitcoin market, gold market investors are likely to migrate to the cryptocurrency market alongside hedge funds, banks, and more. investment and traders.
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