4 Of The Most Bullish Events for Bitcoin Happening Right Now; What Does it All Mean?

  • The most bullish thing: Giving access to the bulk of money
  • Bitcoin transferred $11 trillion since its inception
  • Repo crisis will have “big bullish implications,” for Bitcoin
  • BTC is a threat to the US Dollar

On Wednesday, Bitcoin price plunged more than $700 that took the leading cryptocurrency to just under $7,300. However, avocados knew that BTC would crash.

Since this 10% drop in BTC, the price has gone up and now trades around $7,452, as per Coincodex. Trading volume, that surged above $500 million has now dropped back to $337 million. Bakkt that saw record volume yesterday is also down today, currently registering 211 BTC.

Source: Coin360

However, the pain might not be over. Mike Novogratz warns that the digital currency could move a next leg lower to $6,500.

“There’s been a bunch of negative things that have happened recently,” the CEO of Galaxy Digital Holdings said in an interview with CNBC. He added that the leading cryptocurrency will “need new energy” to make it back to the $8,000 range.

According to Novogratz, US SEC stopping the messaging app Telegram from launching its coin also contributed to the digital asset’s fall to a five-month low. “That was a kick in the stomach to the overall crypto ecosystem,” he said.

But the market has several bullish events for Bitcoin.

The Most Bullish Thing

During the interview, Novogratz further stated that if Fidelity allows its customers to buy Bitcoin, that would be the most bullish thing for the flagship cryptocurrency.

He shared how the crypto community thought that if there was an exchange-traded fund (ETF), more people would have access to the digital asset, just like with gold. When gold ETF came, the prices of yellow metal shot up.

The bulk of the money, Novogratz said still resides in older people’s brokerage accounts while youths are the one who loves Bitcoin and phones but doesn’t have the money yet. As such, giving access to that bulk of the money is what will push Bitcoin, he said.

“The most bullish thing would be for Abby Johnson (CEO of Fidelity Investments) to say ‘all my 26 million users can now buy Bitcoin on my platform.' Hasn't happened yet,” Novogratz added.

Bitcoin Transferred $11 Trillion since its Inception

The Bitcoin network continues to grow, with the number and value of transactions increasing every passing day. The network is currently registering on an average of $10 billion in transfers each day. In total, Bitcoin has completed transactions worth more than $11 trillion since it was created in 2009.

The Bitcoin network also has 9,343 active nodes, which is a testament to its decentralized nature. It is further expected to get a significant push with HTC’s Exodus S1 supporting a full Bitcoin node.

Repo Crisis

Last month, the financial system ran out of cash and it is nowhere near over yet. Wall Street is now getting worried that the aggressive efforts of the Federal Reserve to control short-term borrowing rates have more danger ahead.

Fed injected billions of dollars in liquidity to keep interest rates artificially low and continues to do so.

This Ikigai’s Travis King says will have “big bullish implications,” for Bitcoin, a sentiment hinted at by Gabor Gurbacks, digital asset strategist at VanEck as well.

He wrote on Twitter,

A Threat to the US Dollar

Another bullish argument for bitcoin is voiced by Congressman Brad Sherman, albeit unknowingly. While grilling Facebook’s Mark Zuckerberg on his crypto project Libra and other matters, Sherman blasted the digital asset saying it either doesn’t work which means investors lost a lot of money or,

“It does achieve its objectives perhaps and displaces the US dollar or interferes with the US dollar being virtually the sole reserve currency in the world,”

added Sherman.

It hasn’t been the first time that the Congressman shared these views about Bitcoin. Previously, US President Donald Trump also jumped on defending the US dollar, need to clarify that there’s only one real currency.

These comments by lawmakers only point out how far Bitcoin has come and speaks about its mantle that has people feeling threatened about US dollars’ status of the world reserve currency.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide