Monday, 27 May, 2019

Bitcoin (BTC) unstoppable above $8,000, market sees the glass half full

Source Trading View Source Trading View
Russell Knight | 16 May, 2019, 06:56

But there is an ongoing blockchain and cryptocurrency conference in NY called Consensus, with big investors and influential market players gathered to network and discuss the current state of the industry.

After an extensive slump since the end of previous year, Bitcoin prices have now spiked to a nine-month high of nearly $8,000, leaving analysts and enthusiasts questioning what might have caused the sudden uptick.

Bitcoin jumped above the $7,000 level as its longest winning streak since 2013 continued to rekindle the global cryptocurrency market.

Bitcoin's latest surge happened on Saturday, when the two United States exchanges carrying futures are closed, making it potentially hard for short sellers to cover their wagers.

Increased institutional interest may be driving the rally, with record cash inflows to Bitcoin Investment Trust (GBTC), a leading exchange allowing investors to hold Bitcoin indirectly.

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The Bloomberg Galaxy Crypto Index, which tracks a basket of the largest digital assets, added as much as 9.3% before paring the gain to 6.8%. Facebook, meanwhile, is building a crypto-based payment system.

"Blockchain Week is underway, co-sponsored by the New York City Economic Development Corp., and the Consensus forum is set to start, where people are "expecting a higher-quality conference", Lee said".

Other explanations include positive sentiment around recent crypto conventions in NY and a potential safe haven from the U.S.

But so far on the year, bitcoin has been up a sparking 119%.

Digital currency experts have weighed in on reasons for the surge.

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