As widely predicted, Bitcoin briefly passed $8,000 yesterday, representing a recovery and more after a traumatic weekend on the crypto market. Now the bulls are on parade and predicting further massive gains before end of the year and beyond.
A week is a very, very long time in the world of cryptocurrency, especially the notoriously volatile king of them all, Bitcoin. The Segwit2x hard fork cancellation was seen, in conjunction with the success of Bitcoin Cash. To be responsible for an alarming drop to $5,500 which, coupled with ongoing issues regarding scalability, cost and transaction time, looked to be a serious stumbling block for the all-conquering currency.
Bitcoin Futures and its impact on the market
How different it all looks now. CME’s announcement of the futures market has generated widespread publicity, and now the fish have started to take the bait and get on the hook. Man Group thought to be close to giving the green light for trading once the futures kick off. Notable competitors will certainly follow the influential hedge.
Couple with the significant drops in Bitcoin Cash and the ongoing damp squid of Bitcoin Gold, and it is not difficult to see why miners have been flocking back to Bitcoin over the last few days. And the news only gets better. The biggest bulls predict huge rises to a price of around $11,000 before the end of the year.
CEO of Earn.com tweeted a prediction that “By 2040, everyone under 30 will have never known a world without Bitcoin”. After the lows of last week left serious investors a bundle of nerves. It now looks as if Christmas may have come early for supporters after all.