Although it is still early doors, theres a slight hope that the cryptocurrency bull run may be about to start. Bitcoin has surged over $1,000 since 15th July, 2018 according to Coinbase and investors are hopeful that this is the turning point for a terrible year so far. There has been a number of different stories this week which have surfaced this week and it appears as though the bitcoin FOMO is back!
Bitcoin back above $7,400
It is being reported globally that the price of bitcoin is finally back on track with the number one cryptocurrency surging from almost $1,300 in 3 exciting days. Most cryptocurrencies have registered gains between 5% and 20% with the odd exceptions. The overall market cap is approaching the $300 billion mark after hitting the lowest point since November 2017.
It appears bitcoin FOMO is back as news stories continue to surface which are seemingly painting a positive picture for both bitcoin and general cryptocurrency markets. Over-the-counter (OTC) sellers are allegedly holding back on selling bitcoins while they continue to monitor the increasing prices, hopeful the the price continues to increase.
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Bitcoin FOMO is back, but why?
A number of stories have surface this week which appear to have sparked a cryptocurrency bull run.
#1 US Congress hearing about digital money
We reported earlier in the week about the United States Congress Statement that Could Change the Crypto World.
This recent statement from the United States Congress has been titled “The Future of Money: Digital Currency”. Announcing that the United States will begin official hearings on the 18th July, 2018 surrounding the introduction of digital money and the future surfing both cryptocurrencies and digital cash.
#2 Excitement growing around bitcoin ETF’s & institutional money
Earlier in the week CBOE (Chicago Board Options Exchange) filed an application for the following:
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of Proposed Rule Change to List and Trade Shares of SolidX Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust
We reported the the SEC are seeking feedback on bitcoin ETF’s, it is since been reported that they had so far received over 90 replies from the public.
#3 World’s first bank-owned crypto exchange launches almost 2 years after announcing
Japan are well known for their bullish approach on cryptocurrencies, well now almost 2 years after initially being announced the first bank-owned crypto exchange is being launched.
Financial giants, SBI Holdings made an announcement on Tuesday 17th July, 2018 that they had officially launched their cryptocurrency exchange which will be named ‘VCTRADE‘.
SBI Holdings have now began accepting applications from Japanese users whom are Japanese residents between 20-70 years of age. They are only accepting retail investors with no applications from corporate or institutional investors currently under consideration.
Not to mention other factors such as Mastercard may be about to enable bitcoin transactions. It has also been reported that the world’s largest asset manager BlackRock may be looking into cryptocurrency. Marc Larsy, billionaire investor has also stated that he believes as bitcoin becomes more mainstream he feels it could easily reach $40,000
“As it gets more into the mainstream, and as more markets end up allowing it to trade where it’s freely tradable, to me that’s more of the bet”. He also sees Bitcoin investors making “5 to 10 times their money in 3 to 5 years”.
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