BitCoin Price Rising Continues
BitCoin Price Rising
BitCoin is at it again, and do we love to see the bitcoin price rising! We have all seen in the last two weeks it has risen close to $12,000 usd. Owners and investors of this cryptocurrency are feeling much more secure than in the past. Here at satoshinet.com, we keep an eye on the price like hawks and have price tickers on every pc, device and app we access. Over the last few years there was alot of scepcticism over bitcoin prices rising and dropping. The majority of critics referred to it as a "BitCoin Bubble" and were all convinced it would pop soon. Well as we have always daid, that has never happened.With the vast amount of implimentations and acceptance Bitcoin has outperformed most traditional asset classes this year, with investors citing more institutional support for cryptocurrencies and the blockchain technology that underpins them.
Large investors and corporations now play a greater role too, as exemplified by Facebook’s plans. JPMorgan Chase is developing JPMCoin, even though its Chief Executive James Dimon once called bitcoin a fraud, a comment he later said he regretted. Fidelity Investments has developed a custody service to store bitcoin. Online trading platforms such as E*Trade Financial Corp. and Robinhood also offer cryptocurrency trading to clients.
Earlier this week Ripple Inc., a startup behind the XRP cryptocurrency, agreed to invest up to $50 million in U.S.-listed money-transfer company MoneyGram International Inc.
It is difficult to find data that shows how much cryptocurrency trading is done by individuals relative to professional investors. But there are more institutional investors and hedge funds trading bitcoin now than in 2017. They are also among the prominent players trading futures, which in the U.S. have seen rising trading volume on CME Group Inc.
Despite new institutional interest, trading volumes in bitcoin and other cryptocurrencies are far below their peak in late 2017, according to figures from data provider Bitcoinity. Back then, bitcoin’s surge was driven by individual investors and “overwhelmingly speculative sentiment,” says Mati Greenspan, an analyst at eToro, a brokerage firm. “This time it seems much more reflective of true value.”
The industry is still plagued by hacks, security lapses and fraud. One of the largest exchanges, Bitfinex, tried to cover up a loss of $850 million in customer funds. The largest Canadian exchange, QuadrigaCX, collapsed as its founder was using customer funds for personal expenses.