US-China trade war could be a major catapult for the bitcoin price despite the recent price pullback according to crypto analyst Oliver Isaacs. We read more about the analysis in the coming altcoin news below.
According to Oliver Isaacs, the price of the number one cryptocurrency could reach up to $25,000 by year-end as a result of the US-China trade war. This year was a great one for bitcoin despite the latest pullback which brought the price below the $8,000 price level. The cryptocurrency is still making an increase of around 112% since the beginning of the year.
Isaacs believes that Bitcoin has to potential to reach the $25,000 price point by the end of 2019 mainly because of few drivers that will lead the price including geopolitical, regulatory and technological factors. He noted:
‘’There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers. The net effect of the trade war between the US and China has led to a sudden interest in bitcoin as a hedge on investments.’’
According to him, many investors will be looking at Bitcoin as a safe haven and will buy it but also there are signs of increased adoption for the cryptocurrency. Over the past couple of months, there was an influx of retailers such as Gamestop, Whole Foods and Barns, and Noble that started accepting bitcoin and cryptocurrencies.
On the other hand, the Chief Investment Officer at Bleakly Advisory Group Peter Boockvar outlined that the increase in the price of Bitcoin this year coincides with a couple of major performances on the traditional market amid growing fears and pressures that come out from the US-China trade war.
As it was explained in the latest cryptocurrency news, investors are considering bitcoin as a safe haven in the tumultuous traditional market. Bitcoin even won the trade war according to other analysts since it managed to stay afloat and not crash.
A very important sign that the Bitcoin price is doing well is the increase after the 95 percent crash and the outperforming of the S&P 500 index throughout the past nine years. It is also less risky and more profitable.
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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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