Last year in January, the entire US stock market underwent one of the largest bull markets over the years with many of the tech stocks like Apple’s achieving high numbers. Over the same period, Bitcoin’s price increased up to $3,155 which is over 215% incensement and in today’s bitcoin news we take a closer look at both of these giants.
Over the past two years, the stock price of Apple increased by 44 percent and Bitcoin’s price increased by about 215 percent after the strong plunge by 85 percent.
When the price of BTC dropped immensely against the US dollar, many analysts said that bitcoin will inevitably drop to zero and will lose a huge chunk of its value.
Take a look at any market you will see that if the market has a similar magnitude such as the crypto market, it will reach a point of a long-lasting downtrend and a long-term consolidation period. Literally, every market goes through a bull and bear cycle.
The CTO of Coinbase Balaji Srinivasan:
“The reason this thing [cryptocurrencies] really had legs was after 2011 when there was a bubble and it went up, and it came down, and it didn’t go to zero. It kind of stabilized and kept coming back up. Around that time was basically when I said ‘okay, this is going to stick around, it’s got legs, it’s not going to zero.’ That was kind of a build year. We have this kind of bubble-crash-build phases in crypto, and that is really when I start to get involved.”
Apple went through massive corrections in the past 11 years where almost every drop was characterized by a 30 percent decline in the share prices. On the contrary, Bitcoin only experienced five huge corrections with every drop reaching an 85 percent point. Bitcoin’s correction lasted about 60 weeks to recover and reach a new all-time high.
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Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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