Sunday, February 5, 2023

Bitcoin Price Watch: Maybe Another Hike Soon, but How and Why?

Bitcoin Price Watch: Maybe Another Hike Soon, but How and Why?

As previously reported, the bitcoin price has hit another high and is being traded for about $8,950 USD at press time. The patriarch of the cryptocurrency world has seemingly jumped over $500 overnight, and rumors of a $12,000 year-end rank are running amok.

Also read: Tokyo Police Arrest Four After Attempted Bitcoin Mugging in Hotel

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A previous Bitsonline article explained in detail that Bitcoin Black Friday, which set records for 2017 just a few days ago, is often a “bearish” time for bitcoin, and usually causes the digital currency to drop in price a bit before rearing its digital head back up.

Reversal of Fortune for BTC Price

Interestingly, however, sources suggest that this year’s Bitcoin Black Friday may have helped with the price increase, as the deals and circumstances surrounding the event were simply too good to pass up.

Word got out about what was in store; accepting merchants have risen in strides, and people began shopping with bitcoin at alarming rates.

Brian Kelly, the CEO of a digital asset strategy company and occasional CNBC contributor, stated in a recent interview with Evelyn Chung that “the move appears to retail driven.”

A Little More Action Behind Closed Doors

Indeed, the hype surrounding Bitcoin Black Friday likely has a lot to do with the recent rise, but an even larger contributor seems to be Coinbase’s recent addition of over 100,000 accounts.

General knowledge and respect for bitcoin seems to be stretching faster (and farther) than ever anticipated, and more members of the public are looking to get in on the action.

Sources reported that over 100,000 new users joined the expanding family of Coinbase users late last week, bringing the exchange’s account listings to over 13 million.

Coinbase is the largest cryptocurrency exchange in the world, and its growth may have something to do with bitcoin’s continued success.

Portfolio manager of the Altana Digital Currency Fund Alistair Milne compiled the data; he also claimed the number of Coinbase users has more than doubled since early 2017. That’s a lot of action in one year.

What Else Does Coinbase Have in Store?

Additionally, news of Coinbase’s plan to introduce bitcoin futures by the end of 2017 has landed on hundreds of ears, and the thought of expanded trading options undoubtedly added to bitcoin’s overnight value.

Ongoing celebrity endorsements aren’t hurting, either. Author and former hedge fund manager and venture capitalist James Altucher, for example, has been very vocal in recent months about bitcoin’s potential, and continues to promote bitcoin and blockchain investments in his podcasts and public appearances.

Where do you see bitcoin ending its run by the end of the year? Post your comments below.

Images via Coinbase, Pixabay

This price report is meant for informational purposes only, and does not constitute financial advice. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin, or any other digital asset.

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