Topic in the circle of cryptocurrency: Does bitcoin bottom out?

After bottoming out in the past few months, bitcoin began to rise, and it increases again over the last few days. On 12, April, bitcoin value soared in the market, and the number of bitcoin to dollar rose to over $1000, which created the new record of trading volume in a single day. 

So what’s the reason of the rise? Some people guessed that the massive order was paid by a tycoon in the circle of bitcoin, or some large institution. However, it is sure that someone or institution is interested in bitcoin.

The rise of bitcoin was over 1000% last year. According to the data from CoinDesk, as the recover of bitcoin, the position of short sale is reducing. There is no doubt that numerous positions are settling liquidation, because bitcoin price is going up dramatically. Nevertheless, a lot of short positions show pessimistic situation of bitcoin market.

评论

发表评论

此博客中的热门博文

Iran intends to fight against the American sanction through Bitcoin

Two days after Trump announced that the United States will withdraw from the The Iranian nuclear deal, the Treasure Department of United States declared to implement a new round of sanction against Iran on 10 th , May. It is reported by Forbes  that the Iranian intend to fight against the economic blockade from America by b itcoin . Currently, 2.5 billion U.S. dollars have been transferred out of the country. Although the Iranian Central Bank issued a ban in April about cryptocurrency to prohibit banks in the country from processing Bitcoin services and promoting cryptocurrencies. However, according to Mohammad Reza Pourebrahimi, the chairman of the Iranian Economic Commission, by now, Iranian citizens have spent 2.5 billion U.S. dollars to buy btc  and transfer the money abroad. Although the action will lead to capital outflow and aggravate domestic economic crisis, Iranians may still continue to transfer funds by Bitcoin, because of the high   bitcoin value . S...
阅读全文

What do you think of the Bitcoin decline?

On 23 rd , May(Chinese time), it was showed that the price of 1 bitcoin to usd  declined to $8200, $8100, and $8,000 USD successively, slumping over $400 USD in 24 hours, even decreasing to $7986.80 USD. The economist, Robert Shiller mentioned that considering the bitcoin drop ,  the development of bitcoin is likely to fail as well-known monetary experiments in the past. Cryptocurrency may be another unsuccessful attempt at currency reform for more than a century. While Joe Davis, economist of Vanguard Group, a fund investment giant, also claimed that it is possible that Bitcoin price will return to zero. It is reported by CNBC that Schiller, who used to accurately predict the housing bubble and Internet bubble, issued a warning on the blog on Monday. He believed that Bitcoin is like some monetary experiments in history, which eventually ended with failure. Besides, Davis, a senior economist at Vanguard Group, wrote to ETF.com that Bitcoin currency  is not a ...
阅读全文

The deadline of tax payment in America is coming. Will the bull market appear again?

R ecently, the reason why bitcoin declines is that the deadline of tax payment in America is coming, so some traders would like to close a position. A fter btc price  rose by 20% last week, many experts think the mid-term adjustment of bicoins have   finished. A  lot of digital currency owners have to pay their taxes by statutory currency because the deadline of tax payment is near. Tom Lee, the e xecutive p artner  of Fundstrat Global Advisors, is the first one realizing the reason. H e believes that bitcoin value  will achieve $25000 in the end of 2018. Although Lee is optimistic about bitcoin, he pointed out that the rise of cryptocurrency cannot only depend on tax exemption. B esides, Coinbase announced to purchase Earn.com officially. Coinbase claimed that Balaji Srinivasan, the CEO of Earn.com will join in Coinbase as CTO. According to the report of FX678, Earn.com is the hardware producer of bitcoin established in 2013. Then it began to focus on...
阅读全文