With another update from our friends over at Bitcoin Bravado, for the second straight day, the market is flush with an ever-pleasing color: green. Bitcoin, at the time of writing, is $7,634, a 2.07% increase over the past 24 hours. Ethereum is sitting comfortably at $609.21, a 2.51% increase from its value 24 hours ago.
Stablitiy in the market, should it continue, will fortify the positive sentiment and prepare the community for more grand days, but let’s not get ahead of ourselves, because any bad news could spark a firestorm, thereby regressing us to the darkest days of 2018.
But what could be the key reasons for the limited volatility and apparent consolidation over the last few days, or even week? There must be news providing reason for this, correct? In fact, there are.
Sometime this week, Steve Wozniak, Apple co-founder, expressed his views on Bitcoin at the Money 20/20 conference in Amsterdam, stating: “Only Bitcoin is pure digital gold.” His remarks are nearly identical to that of Jack Dorsey, the CEO of Twitter. Dorsey, who is an unquestioned supporter of digital currency, has said: “Bitcoin will become a global currency in the next ten years.”
Profound mentions of Bitcoin by two of the world’s most well-known figures could be responsible for much of what we are seeing this week. This is entirely subjective, of course, but it allows us to generate reasoning, which we will happily take.
What else, though, could be the impetus behind the market’s state? Clearly more positive sentiment is in the news, but which is most impactful, strong enough to drive confidence in the market? Frankly, a strong foundation is derived from the basis of more European nations entering the EU Blockchain Partnership, China’s president expressing his good-will towards digital currencies and Blockchain, Visa being down, and authorities in Upstate New York officially allowing Bitcoin mining.
Compounding all the factors from the last week create an ideal situation for the market, therefore we cannot definitively say one situation is responsible, but, instead, we state that an aggregate weight of each occurrence, within this short period of time, is likely the fortifying reason behind this period of stability.