The BTC price is a topic which is constantly in the main headlines of many best cryptocurrency news sites these days. According to top-tier hedge fund executives, Bitcoin will continue its rise of 114% in 2019 and visit the mid $9,000 region before the year ends.
In a prediction that was first published on the US comparison website Finder which surveyed ten FinTech capitalists including executives from hedge funds Arca and BitBull Capital on Friday, the news showed that a majority of these execs expected that the BTC price would pull back from the $8,000 level. However, their prediction is strong and says that a rebound in June will push the cryptocurrency’s price to as high as $9,659 by the end of the year.
The reason why this is in the latest cryptocurrency news – and why the execs are so bullish – is quite simple. The April and May trading session alone saw an increase of 50% in the BTC price, making it rise from $4,000 to above $8,000. At the same time, a lot of mainstream financial markets underperformed which owed to escalating the economic tensions between the United States and China.
The surge in $BTC continues as the mounting fear about war with China drives US investors to look for safety, The only asset to outperform is the non correlated #Bitcoin, proving again that all $USD denominated assets such as stoc…https://t.co/j3Y1wz9hsc https://t.co/evkI9yIozO
— Alex Mashinsky (@Mashinsky) May 15, 2019
The Finder survey participants were also very quick to notice the relationship between the two events – the coming altcoin news show. Around a half of them said that mainstream investors diverted their capital from interim bearish equities to Bitcoin – as a strong sign of risk management.
Meanwhile, the institutional investors are also seen as the ones who got in the rat race and have been building new services around the Bitcoin market – and as such were one of the main drivers in the latest BTC price rally.
“Eight out of 10 panelists think the price of bitcoin increased due to cryptocurrency-related announcements made at Consensus 2019 in New York City,” said Finder in the survey.
After the Consensus event finalized, the BTC price surged by more than 77% as a result of the positive news. The COO at Kinetic Capital which is a cryptocurrency trading firm, David Wills, recently said that the Bitcoin price is due for gains because of its potential for broader adoption as a currency.
“Last year, the bear market was in part caused by the fallout from many loss-making, unsuccessful initial coin offerings, and the participation by [a number of] questionable players that attracted regulatory scrutiny in cryptocurrencies,” Wills told the South China Morning Post.
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“The asset class is here to stay…I think it’s now being looked at potentially as an important part of a diversified portfolio…I think the asset class is really ready for the next phase.”Silbert also pointed out to the crypto industry that its infrastructure including the ‘’institutional grade custody solutions trading software’’ is one big sign for the maturing of the ecosystem. There are multiple catalysts that show how big the demand from institutional investors is but not one includes geopolitical tensions between the US and China. Bitcoin claims still the position that it holds as one of the best-performing assets. As noted in the latest cryptocurrency news, Anthony Pompliano noted:
“In May, BTC had a nearly perfect negative correlation with the S&P 500.”
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“Between the day of the announcement and the trough of the drawdown, Bitcoin largely outperformed the following major markets and currencies, producing a cumulative return of 53.6 percent versus an average return of -10.1 percent.”Bitcoin was used to hedge against the Chinese liquidity risk, caused by local investors when they sold their assets against a structural currency devaluation. When it comes to Brexit as a topic in the altcoin news, during the first one-day global selloff of the pound sterling (GBP) and euro, the researchers found that "Bitcoin was a top performing asset" which boasted a return of 7.1% on strong volume versus an average of -2.1% for the rest of the group of currencies. On top of this, the researchers find cause to recommend because the details of the transaction plan are still being worked out.
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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.
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