We were surprised when the price of a bitcoin hit $3,000, then, we were surprised when it hit $7,000 so soon. But now, oh boy, now this is getting pretty crazy as the digital asset broke through $9,000 and is on its way to tickle 10k.
Over Thanksgiving weekend and Black Friday, the price was wobbling between the upper limits of $7,000 and briefly spilling over to the lower $8,000 range.
A sharp price drop doesn’t seem to be anywhere in sight for that matter too. I imagine that once it hits 10k, a lot of psychological barriers that have been stopping people from jumping aboard the crypto train will whittle away.
What caused bitcoin to moon so hard?
Opinion leaders like Michael Novogratz are backing bitcoin, building hypothesis that its price might rocket passed $10000 by years’ end. This obviously, ads some credibility to the cryptocurrency industry. Causing people to flock towards the markets.
Retail investors started slamming Bithumb and Bitfinex with massive orders. News of the CME introducing bitcoin futures options to their exchange also provided for a massive acceptance push. Ultimately leading to common users flooding Coinbase with new accounts.
As a matter of fact, Coinbase now has more users than Charles Schwab, a brokerage firm with over a 50-year-old history. The crypto exchange platform has seen almost a 170% increase in its user base over the last year.
Even the recent $30 million Tether hack did absolutely nothing to stop the bitcoin from growing.
International Bitcoin news
In other news, Alexander Lukashenko, the president of Belarus is expected to sign a new decree soon. The aim of which is to legalize cryptocurrencies in Belarus. There are almost 10 million people in Belarus. So, expect a lot of users from the Eastern European country to freely jump into the digital asset game.
Additionally, the Security and Exchange Commission of the Philippines has announced that they will be working on legalizing cryptocurrencies and labeling them as securities. Providing their citizens and investors with some security in terms of digital asset trading.
In India, a new cryptocurrency exchange lead by the country’s biggest payment service companies, BillDesk, has launched. Though, India hasn’t made its stance regarding cryptocurrencies very clear.
Circling back to the states now, Goldman Sachs has told its investors to pay attention to the bitcoin.
The engines have started revving, and there’s no stopping the bitcoin machine now. Who knows, maybe it will really be $400,000 someday.
Where do you think the price is going? Can we hit $12,000 by Christmas?