Bitcoin hit a new high, breaking $8900! Bitcoin will make a sharp correction between $10000. At about 2:50 a.m. Beijing time, bitcoin, which recently hovered in a narrow range of about $8000, suddenly rose, once rebounded above $8800, reaching a maximum of $8888, a new high since May last year. As of press time, bitcoin rose 9.5% within the day, with a quotation of $8796.8.
Most virtual currencies rose, of which Wright currency rose by 12% in an hour and the rest rose by 7-8%. This round of rebound, which lasted more than an hour, pushed the overall market value of virtual currency to above $260 billion.
The time of this round of rally is consistent with the time when the results of parliamentary election polls in some EU countries are released. The results show that populist and extremist forces have the upper hand. However, there are also comments that there is no sign that the purchase pressure comes from this. More likely, in the trade tension, the demand for hedging by investors has driven the demand for virtual currency.
Since this year, the volatility of bitcoin, which has been silent for a long time, has increased sharply. Especially since May, it has risen like a rainbow, rising all the way from around $5500, with a cumulative increase of more than 60%. For the rebound this year, in addition to the boost of risk aversion demand, many investors believe that the increasing institutional support is the main driving force behind this round of market.
For example, Facebook is building a payment system based on digital currency. If this project codenamed 'project Libra' is successful, it will likely subvert the traditional e-commerce and become the largest mainstream digital currency application so far.
In January 2019, bitasset co-founder chase Gao said that many traditional financial institutions in China and the United States began to enter the market, and the transaction volume of these institutions may have exceeded 50%. According to Bloomberg, fidelity, the world's largest asset management company, is about to launch bitcoin trading services in a few weeks, which will directly promote the prosperity of the cryptocurrency market.
Not only fidelity, but also Rothschild afcoin, JPMorgan Chase, TD Ameritrade, erisx, bakkt and e-trade & hellip, the second largest Internet brokerage in the United States; A number of large financial institutions have reported significant progress, and the confidence of cryptocurrency investors has been greatly encouraged.
The analysis shows that due to the huge amount of funds, traditional institutions need to choose currencies with sufficient transaction depth to intervene after admission, otherwise the corresponding investment targets may not be able to bear the amount of funds due to large price shock. For these reasons, bitcoin is likely to become the first choice for traditional financial institutions.
Recently, the media broke the news that the Rothschild family united with Ivanka & middot; Trump spent trillions of dollars to buy a large amount of bitcoin, and dozens of institutions have received orders to buy bitcoin. Previously, the trump family reported that it would stabilize bitcoin by 12000 dollars. The Rothschild family launched afcoin universal cryptocurrency in March 2019, which was strongly recognized by the United States and Britain. This is also the reason for accelerating the rise of bitcoin.
As part of bitcoin's deflationary monetary policy, the issuance of bitcoin will be halved every four years. According to the situation of halving production in the past two times, the price of bitcoin will begin to rise a few months before halving. The third halving of bitcoin is expected to take place on May 25, 2020, less than 400 days from now. According to the historical situation, this round of bull market of bitcoin this year may not be surprising.