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Why is the Bitcoin rate growing? 10 factors stimulating a bullish trend on a cryptobank

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It seems that May 2019 for the cryptocurrency market started well. The rise in prices for Bitcoin (BTC) was noted at 48% per month, its dominance reached the level of December 2017 (almost 60%). In general, analysts are very positive about the cryptocurrency market.

There are at least 10 possible reasons that explain this bullish trend and can tell why bitcoin (BTC) is growing so fast. Despite the rise and rebounds of recent weeks, the number one cryptocurrency in the world does not seem to plan to stop.

Altcoins are losing ground in favor of Bitcoin (BTC) , which does not respond to a decline in response to problems with Bitfinex, Binance hacking and the fears of small investors.

Fidelity Investments has prepared assets of $ 2.4 trillion for Bitcoin trading (BTC)

A few days ago, the news was published , according to which the Boston company Fidelity Investments, which provides financial services, is ready to offer a platform for over-the-counter Bitcoin trading (BTC).

In this case, this is not about retail investors, but about institutional ones, aimed at entering the crypto sector and able to change the price of Bitcoin (BTC) and other cryptocurrencies.

Currently we are talking about adding only Bitcoins (BTC) to the platform, and not about ethereum (ETH), however in the future other cryptocurrencies may be added to the trading platform. This is one of the obvious reasons why bitcoin (BTC) is growing so powerfully.

Hulving Bitcoin (BTC)

We should not forget about reducing the remuneration for a bitcoin block by half , during which the number of bitcoins (BTC), “created” and earned by miners , will be halved. At the time Bitcoin was created (BTC) in 2009, miners received 50 BTC as compensation for block confirmation.

In 2012, this number was reduced by half to 25 BTC, in 2016 – another two times to 12.5.

Bitcoin graph (BTC) shows its value in relation to the previous halving. On the right is a scale that reflects the color depending on how many months are left until the next double reduction in remuneration.

It is easy to see that in the months preceding this phenomenon, there was always a bullish trend, which led to a noticeable increase in the price of BTC.

The presence of FOMO, which requires caution.

The term FOMO (fear of missing) means the fear of missing a good opportunity. In connection with the sudden May increase in the cost of bitcoin (BTC), many wonder if they have missed the opportunity to “jump into the departing train”.

However, many investors open positions, as evidenced by the increase in volume recorded in the last period. Compared to three weeks earlier, it almost tripled:

When prices in the market rise or fall sharply, which is typical of cryptocurrency, investors act under any circumstances. In the case of the growth of the main cryptocurrency, of course, the excitement among speculators and traders was huge.

To date, Bitcoin (BTC) has crossed the $ 8,000 level, with many analysts convinced that the rise will continue. This move will cause even more FOMO among users who will start thinking about whether to buy an asset at the current price.

Those who managed to enter the market a few weeks ago have already made a profit; those who have not done so should evaluate whether it is really worth it. Cryptocurrencies are extremely volatile, so losses can be very serious.

Technical analysis of the cryptocurrency market is positive

Regardless of whether or not to believe in fundamental and technical analysis , there are several aspects to consider. Thomas Lee, an analyst at Fundstrat Global Advisors, expressed his opinion, saying that BTC will be the main growth hero in 2020.

He added that there are several indicators that show that a new price record is very likely. He also noted that his company Fundstrat has collected 11 signals that can explain this bullish trend. In addition, the company believes that the bear market in 2018 is over.

Digital currencies become mainstream

Fidelity Investments will soon begin to engage in over-the-counter Bitcoin trading , in December of last year TD Ameritrade introduced futures on BTC, and eTrade is preparing to enable Bitcoin trading on its platform.

Rumor has it that eBay may start accepting cryptocurrencies as a payment method, and Bakkt began testing bitcoin futures with launch plans in July.

Smaller services each day introduce cryptocurrencies as a means of payment, which indicates a slow but steady acceptance.

FUD does not affect cryptophone

FUD means fear, insecurity, doubt, in this case it is about the fact that someone is trying to convince other people to sell cryptocurrency, without giving sufficient justification.

The main discussions of the last weeks were mainly related to market prices, however there were other important events that need to be considered.

Along with a total ban, governments of some countries are studying the topic of Bitcoin (BTC) and cryptocurrencies, while regulators are still working to make a decision.

The Bakkt project has not yet been launched, but yesterday's news of the start in July is encouraging. Bitcoin (BTC) is not falling, despite attempts to underestimate its utility and core technology. For many crypto enthusiasts this is a good sign, they believe that the market has become more mature and the worst is over.

What happens to altcoins and why is BTC dominating?

A study conducted by BitMex and published on May 13 shows how the ICO market (the initial supply of coins) collapsed more than 97% in just one year, showing a poor return on investment (return on investment).

This means that the Altcoins could not impress the crypto community with their modest achievements.

“The ICO experiment is over. Virtually no one has created a useful and original product. Even Ethereum, which I like as a scientific experiment, did not meet expectations and is about to pass a dangerous phase, during which an untested experimental consensus algorithm will be created.

People understand that Bitcoin is a much bigger idea than all the “fabulous” blockchains that have attracted finance over the past two years , ”one Reddit user rightly noted.

Despite the fact that currently the dominance of Bitcoin exceeds 60%, we can not say that the Altcoins are dead, not to mention the fact that they all failed. Suffice it to recall the successes of the BNB token in less than 10 months.

Bitcoin and Bitfinex: new tools appeared

Some users believe that the increase in prices for BTC may be indirectly caused by the scandal with the Bitfinex exchange cryptocurrency. New York Attorney General James Laetitia recently accused Bitfinex of using $ 700 million from Tether to cover a shortfall of $ 850 million.

Here are some of the most popular comments on the Internet:

"I think Bitcoin will grow, because in the situation with Bitfinex … they will most likely have many problems with processing withdrawal requests."

“I think many people buy bitcoin, leaving Tether. If something goes wrong with Bitfinex, there will be a real crash. ”

It is possible that many have moved from Tether to BTC, although Bitfinex's positions are still strong, since in 10 days the platform managed to attract $ 1 billion.

Hacking Binance has not brought down the price of cryptocurrency number 1

On May 8, 2019, the Binance cryptocurrency exchange was hacked , losing about 7,000 bitcoins (at that time $ 40 million).

After that, within half an hour, Bitcoin lost 3.2%, the rest of the market also reacted negatively and first of all to BNB tokens. But after a while, the bull trend reappeared.

Experienced traders took advantage of this decline to return to the game, because then the market lost about $ 5 billion. Binance blocked the withdrawal of funds and deposits (they will be available today), but even this news could not seriously affect the price of cryptocurrency.

Consensus and SEC Solution

The Consensus conference, a global event that brings together the world's leading experts in the field of blockchain and cryptocurrencies, is taking place in New York. This is the time for important announcements and news that can bring even more positive.

Currently, attention is focused on the SEC. It is known that the Commission has repeatedly postponed a decision on a Bitcoin ETF , soon all legal deadlines will be exhausted.

Publication date 15/05/2019
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OKEx is going to launch futures on Tron on May 20,

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OKEx Crypto Exchange announced the launch of futures contracts for Tron (TRX). A new financial product will appear on the trading platform already on May 20 at 10:00 Moscow time.

Justin Sun, CEO of the Tron Foundation, said that with the launch of the OKEx futures platform on the TRX, the number of transactions with a digital coin will reach 15 million per day. Note that on the eve of the network appeared information that the daily number of users of the platform of decentralized applications from Tron reached 100 thousand, exceeding the achievements of Ethereum and EOS.

The Tron project token currently occupies the 11th position in the cryptocurrency rating in terms of market capitalization. Recently, TRX was listed on the P2PB2B crypto exchange, and the number of smart contracts in the Tron-blockchain reached almost a thousand.

OKEx futures will be settled on a weekly, fortnightly, and quarterly basis. The maximum allowable shoulder size for this derivative is 20x. The new tool will combine data for the TRX / BTC pair, taking into account the performance of three crypto-exchanges – Binance, Huobi, OKEx.

TRX futures

By the way, this week the team Tron left Lucien Chen, technical director of the project. He explained his departure to the fact that TRX is no longer decentralized, now Chen is going to develop his own project, the Volume Network (VOL), which will strive to achieve the goals that were moved to the Tron Foundation.

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The Central Bank of Great Britain for the first time recognized the huge potential of Bitcoin

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For the first time, a representative of the Central Bank of Great Britain commented positively on cryptocurrency and Bitcoin , in particular.

For a long time, the British financial regulator spoke extremely negatively about Bitcoin and doubted its reliability as a form of capital preservation.

For example, at the end of April, the Deputy Head of the Office for Markets and Financial Affairs of the Central Bank of the Kingdom, Dave Ramsden, reaffirmed the negative attitude of the regulator to the cryptosphere.

However, this week, the chief economist of the British Central Bank Andrew Haldane, during his speech to the students for the first time, acknowledged not only reliability, but also the gigantic prospects of Bitcoin. In his opinion, the largest cryptocurrency will be able to completely replace cash in the next 20-30 years.

Haldane said that he was following the development of the cryptocurrency industry and was aware of the existence of thousands of coins. Nevertheless, despite the fact that for the first time one of the influential employees of the British Central Bank noted the growing value of Bitcoin, the position of the regulator’s management is unlikely to change anytime soon, analysts say.

But it is quite possible that, following the chief economist, many other senior officials of the Central Bank will reconsider their position, and this will create conditions for the British Bitcoin regulator to be fully recognized as a reliable payment instrument.

Publication date 19/05/2019
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OKEx Exchange will launch TRON

OKEx cryptocurrency exchange announced the launch of TRON (TRX) cryptocurrency futures. TRON (TRX) futures trading will be available from 08:00 May 20, 2019 (CET, UTC + 1). Details as follows: https: //t.co/344ykd3iGi – OKEx (@OKEx) 17 May 2019 p. The new financial instrument will be available for trading on Monday, May 20. The following are the specifications of the TRON futures: […]

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cryptocurrency futures

OKEx cryptocurrency exchange announced the launch of TRON (TRX) cryptocurrency futures.

The new financial instrument will be available for trading on Monday, May 20. The following are the TRON futures specifications:

Derivatives calculations will be made on a weekly, fortnightly and quarterly basis. The maximum possible shoulder size of this futures is 20x. The instrument will be based on data on the TRX / BTC currency pair from OKEx, Huobi and Binance exchanges.

OKEx also reported that more than 557 million OKB tokens were purchased and burned this week. Since the start of the program (May 4, 2019), more than 1 million native tokens of the exchange have been destroyed.

Recall the other day TRON support announced Opera browser.

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Name Price24H (%)
Bitcoin (BTC)
$7,941.00
8.51%
Ethereum (ETH)
$254.93
8.30%
XRP (XRP)
$0.403364
8.01%
Bitcoin Cash (BCH)
$400.82
12.22%
EOS (EOS)
$6.28
6.13%
Stellar (XLM)
$0.140591
6.45%
Litecoin (LTC)
$93.40
8.01%
Cardano (ADA)
$0.085924
6.59%
Tether (USDT)
$1.00
0.10%
Monero (XMR)
$86.61
6.49%
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