Bitcoin’s strange dance near its all-time high
Bitcoin is nearing its all-time high again and everyone in the cryptocurrency markets is wondering what is going on here…
The daily chart shows the erratic reaction to the SEC decision to disapprove the ETF of the Winklevoss twins. After that, the price came back astonishingly for a few days, but fell again to new post-decision lows.
But miraculously from there it recovered once again and that in spite of the BTC ecosystem and its surrounding mood becoming more cloudy by the day.
The bitcoin world experienced some rather bad developments during the last months:
- The Chinese central bank disabled local BTC exchanges in various ways, at least temporarily.
- Two bitcoin ETFs got disapproved by the SEC.
- Then there is the scaling debate about a technical solution to make bitcoin fit for larger volumes of transactions. To date this debate is going on with no end in sight, but threatening possible disruptions to the network itself. If the network doesn’t work properly, the value of a digital currency is at stake. The network gives existence to the monetary aspect of bitcoin. Without the network there are no bitcoins. There are merely bits.
- Finally a USD payment problem at the largest dollar based exchange Bitfinex arose. Mt.Gox revisited or just a short-lived correspondent banking problem? Or is this the beginning of real banks shutting off the crypto world from real money flows?
It looks like the incumbents and tycoons are beginning to turn against bitcoin and the technical part of it and the community behind it are also signaling possibly large problems ahead.
And still the price is marching upwards…
Trading bitcoin is okay, while investing into it could be dangerous! Of course, holding it after your opening of a long trade survived a tight stop, may be even better.
After all, bitcoin has shown a steep and stunning trend during the last years. Literally from nothing to a market cap of currently $20B.
So, there is volatility out there and fortunately trading bitcoin can be conveniently done with the help of CFDs.
Just remember that all this could be a modern tulip mania!
But trading it could yield incredible returns. Really! Bitcoin advanced in only 3 years 5000%. Trading it could be done with our PipDaq system – the most direct method for all situations and markets that are trendy or swingy.
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Bitcoin finally made a new all-time high
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