Since the start of April, the cryptocurrency markets have been running wild as Bitcoin (BTC), the pioneer cryptocurrency, crossed the $5000, $6,000, $7,000 and $8,000 USD marks in less than 7 weeks. BTC currently trades at $7940 USD maintaining its high price even after the rumors that supposedly contributed to this bullish momentum were debunked.
The cryptocurrency community is highly speculative and thrives on partnership rumors and faulty stories on institutional investment to the industry. Well, these are not the only reasons that contribute heavily to the increase in value of these speculative assets. FOMO, shilling and market manipulation are other factors said to affect the cryptocurrency market too.
Earlier this week eBay, one of the largest online marketplaces, announced they were not planning on accepting cryptocurrencies any time soon. Rumors of the company accepting digital assets as a form of payment had circulated across various social communities in the past few weeks causing increased optimism.
TD Ameritrade, a company with $1.3 trillion USD worth of assets under management, also came out strongly against the calls that it is planning to introduce cryptocurrencies on its platform. The head of digital assets at the company, Sunayna Tuteja, further confirmed TD Ameritrade will not be accepting BTC and LTC as part of their assets under management.
However, the cryptocurrency community still remains hopeful that the big corporations around the world will start to adopt the technology. In a statement at Consensus 2019 one of the attendees was quoted saying the cryptocurrency market will “grow to be too large for institutions to ignore them.”
The market is still a long way off the $850 billion market capitalization reached in early January 2018 despite the current FOMO being created across cryptocurrency communities.
However, progress is being made across the field with companies such as Facebook, Microsoft and IBM taking up cryptocurrencies. The recent launch of the SPEDN, an app that integrates cryptocurrency payments to big corporations such as Whole Foods.
bitcoin price paragraph =
Bitcoin’s price is $8,768.45 BTC/USD exchange rate today. The real-time BTC market cap of $155.42 Billion currently ranks #1 with a chart dominance at 57.38%, daily trading volume of $8.72 Billion and live coin value change of BTC 9.31 in the last 24 hours.
live bitcoin price widget =