Bitcoin Investors Are More Confident Than Ever About the Future Price of BTC, Here’s Reasons Why
Bitcoin has finally broken the psychological threshold of $6,000. The surprising thing is that this happened soon after the news of Binance hack. Many are speculating the reasons for it happening. Popular crypto and bitcoin trader The Rhythm Trader attributes it to 4 reasons.
Let us closely examine these 4 points.
Square Selling Bitcoin
Square, has helped push the movement of bitcoin in the financial market in the last few years and could even have a greater impact than Bakkt's launch or a coveted Bitcoin ETF approval. Perhaps their most notable year was in 2018 when they began offering the sale of bitcoin on their platform.
When discussing firms in the crypto space, Square is not one of those that immediately come to mind. However, the firm has made great progress. It has also been estimated that the firm sold 6.2 percent of the total Bitcoin that was mined in 2018. This is particularly impressive for a firm that while invoked in the crypto business, isn’t primarily a crypto-based firm.
Fidelity Storing Bitcoin
Fidelity, with its $7.2 trillion in client assets under management, entering the crypto market might be the best news in the crypto ecosystem for a while. Firstly, the firm’s reputation on Wall Street lends bitcoin a huge nod of trust and confidence. Institutional traders have been notoriously wary of bitcoin thanks to a decade of negative preconceptions. Secondly, bitcoin trading has previously been dominated by retail investors. Big names like E-Trade that recently embraced crypto, but said they were focused on retail.
TD Ameritrade Trading Bitcoin
Investment companies such as eTrade and TD Ameritrade are looking into the use of digital currency investment tools for their customers. It states on their website that
“Bitcoin futures trading is here.”
The platform explains that
“Quotes and trading capabilities for these futures products are available on our think or swim platform and TD Ameritrade Mobile Trader app.”
TD Ameritrade is not new to the crypto as last year the retail brokerage company had invested in ErisX. It is a big thing for the crypto market and would bring in a new wave of institutional and retail investors.
Lightning Network Holding 1,000 Bitcoin
According to the LN monitoring website 1ML, the Lightning Network has a capacity of 1059 BTC. Moreover, it has 7,395 nodes and 39,329 channels. This shows that in just a year, the LN has registered an important growth, which is expected to keep the positive trend throughout 2019.
With the LN, Bitcoin will be able to scale, process thousands of transactions per second and users would pay very low fees.