11/12/2022 0 Comments Bitcoin stock price 2017![]() “In many jurisdictions, Bitcoin has yet to become subject to regulations, leaving an investor with no recourse or protection from fraud or market manipulation,” said Unger. Now that Bitcoin futures are available it is easy to buy into futures market first and then create a massive number of buys or sells of Bitcoin to ensure the price swings in favour of your futures contract.” “Now, some institutional major players are flooding the network with new cash and creating what appears to be market manipulation. When CME Group went live with Bitcoin futures we saw a sharp increase in demand and an increased number of users in the network,” said Matthew Unger, CEO and Founder of iComplyICO. “The current price isn’t truly driven by demand. Again, I cannot tell you whether to buy or sell but the common expectation is that bitcoin raises to a set point and then fluctuates between a high and a low until the next run up. Is this dangerous? Yes, to those who are betting big on BTC. “As of now, a significant correction is unlikely and could be seen only on confirmation of a bearish price-RSI divergence and/or if RSI and stochastic move lower from the overbought territory,” he wrote. CoinDesk writer Omkar Godbole notes that the price should remain stable but “a pullback to $11,000 cannot be ruled out, but dips below the upward sloping 10-day MA of $11,500 are likely to be short-lived.” #Bitcoin stock price 2017 driverThe futures market will be a big driver in growth and bust over the next few months as institutional investors begin using the currency. Ultimately new and old users are testing the limits of a system that, for a decade, has been untested. Until then we enjoy rises and dips and volatility that puts most bitcoin dilettantes off their lunch. That is all coming and at that point the market will harden itself against panics and booms. This small but influential market is prone to panics based on a single tweet and users work together to at least bolster themselves with cries of “HODL!” The market is so nascent that there are no dark pools, no popular algorithmic trading systems, and no real way to automate your buying and selling activities (although, without futures, there was never a need to). Bitcoin traders, it can be said, are now akin to the jolly colonists selling stocks under buttonwood tree. All cryptocurrency movements are based on domain specific media and conversations between traders. We see a common thread between these points: hype and news. In a world where people expect bitcoin to be worth $1 million soon this sort of activity – whether rational or irrational – is quite popular. More and more bitcoin fans are entering into this group and they are driving up demand increases. This group of enthusiasts bought and held bitcoin and will not sell it at any current price. This move also legitimizes bitcoin in Wall Street’s eyes, an important point considering cryptocurrencies are still suspect.įurther growth comes from the “bitcoin as a store of value” crowd. This ability makes bitcoin far more palatable to big investors who are currently flooding the market to make profits if and when the bitcoin price falls. CBOE Global Markets and CME Group are launching new futures contracts on December 10 and December 17, allowing investors to go long or short on bitcoin. The primary theory about the astonishing rally being put forward by investors on social media is that bitcoin will soon benefit from big institutional money injections via the introduction of the first BTC futures products. ![]() The common understanding for current growth leads us back to institutional investors preparing for the forthcoming BTC futures exchanges. ![]() But is this a bubble? Are the gains real? And are the bitcoin whales in for a sad Christmas?įirst we must understand what drives bitcoin price and, in particular, this boom. Bitcoin’s price has risen stratospherically, a fact that leaves many minor players in the market with massive gains and many bigger players millionaires. ![]()
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