We are back with another ‘Crypto of the Week’ post.
Our Crypto of the week is going to be no surprise to anyone, it is none other than Bitcoin.
We always try to avoid giving Bitcoin our Crypto of the Week, as the news surrounding Bitcoin is everywhere at the moment. However, with another week of big gains, we have no choice!
Bitcoin started the week priced at just over $11,000 and is currently priced at $15,000. Bitcoin did reach $18,000 on Friday before dropping again.
With Bitcoin futures is now here on the Chicago Board Options Exchange. It will therefore be interesting to see whether or not the futures causes the price of Bitcoin to continue a bullish trend, possibly even reaching $20,000 by the end of the week, or whether the futures will cause the price to fall, possibly back down to $10,000.
We expect this week to be extremely volatile for the Crypto currency market. Bitcoin futures will bring in a lot of new traders who can now also ‘short’ Bitcoin (essentially bet on the Bitcoin price dropping). This could cause panic in the market and cause investors who actually hold Bitcoin to sell. On the other hand the futures could mean traders come on board and push the price of Bitcoin even higher at a very fast pace.
Bitcoin has a number of upcoming hard forks on the way. See our post for further information.
IOTA and Litecoin also saw big gains this week in a week where the majority of alt coins saw prices fall.
We wish you all a great week ahead. Please feel free to contact us if you have any queries or would like to get in touch.
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.