Forex Articles

The Rise of Bitcoin.. .Again!

Bitcoin is currently making its own come back; if it is going to grow to, or exceed its own former 20 17 glory is not known, however the Bitcoin bulls are feeling positive.

In the area of technology, at which development is quantified in only moments, Bitcoin is old since it celebrated its 10th birthday in the start of 20-19.

It had been just in 20 17 it surely climbed to stardom and also became a household name, together with stories countless folks becoming overnight millionaires.

Bitcoin Trading

Bitcoin trading catalyst reach its summit in December 2017/January 2018 as it traded just over $20,000, however your house of cards came tumbling down.

The whole crypto universe doomsday struck, and also the pessimists rejoiced in their forecasts of this bubble bursting, whilst the optimists observed in dismay as tens of thousands of billions of dollars spat out by the marketplace.

Investors that didn’t get out in time had to cut their losses or play the waiting game as Bitcoin bounced between $6,000 — $7,000 for most of 2018.

Everyone waited with bated breath, hoping that December 2018 would bring some relief, like the previous year, but instead, it got worse and the price dropped further to just above $3,000.

Prepare for Take-off

Then, something remarkable happened in April 2019; the “Bitcoin Phoenix” began to rise from the ashes, breaking through the $4k mark, and suddenly, the entire crypto market surged back to life.

The bullish trend continued into May and by the end of May 2019, Bitcoin had broken the $8,000 mark with no signs of slowing down. Despite all the mayhem of previous years, most people fail to realise that Bitcoin is the most valuable currency in the world, with no other currency even coming close, neither in fiat money nor in cryptos.

Bulls vs. Bears

The question now on everyone’s minds is, where will Bitcoin go next, and will it surpass its record $20,000 in the near future? A search across the web will reveal a multitude of opinions, with some die-hard Bitcoin bulls predicting unimaginable numbers in the hundreds of thousands of dollars for a single Bitcoin.

One of the major factors that most crypto fans were waiting on was a decision by the SEC during May regarding the approval of an ETF proposal by Cboe Global Markets Inc.

Many people believe this will bring in the institutional investors and catapult the digital currency to new stardom, while on the other side of the “digital” coin, some people believe this will be detrimental.

In a recent interview with Bloomberg, Dire Ferguson, the CEO of Forextraininguk, said:

“The acceptance of an ETF would definitely be a Massive factor for its crypto community. There’s controversy from the market as a result of bull rush, which confidence appears to spill the SEC flaws and negate any unwanted opinions of optimistic investors. The overall sense is that advancement is created daily, slowly and gradually. “

Ferguson’s comments were right on the money regarding the delayed SEC decision, which was evident by the fact that almost $80 billion has poured back into Bitcoin in just under two months.

At the beginning of April 2019, Bitcoin held a market cap of $73bn, and on 27 May 2019, Bitcoin passed the $150bn mark.

How to Invest in Bitcoin

Some of the biggest challenges that remain around Bitcoin is how to trade Bitcoin and how to invest in Bitcoin. The traditional physical purchasing through exchanges, setting up a wallet and transferring the Bitcoin to the wallet is still overwhelming for many.

The other issue is, with so many stories of hacking and theft, there is certainly a level of trepidation for new Bitcoin traders and investors. This is why trading Crypto CFDs is growing in popularity.

CFDs allow investors to take part in the crypto market and to capitalise on the market movements without all the complexity, plus traders can even take advantage of leverage with limited capital to make excellent returns.

Bitcoin in South Africa

There is no doubt that the blockchain technology that powers Bitcoin has a bright future and has huge potential, especially for many third world and emerging economies, whose fiat currencies are extremely volatile and/or lack advanced banking systems.

One country that is starting to embrace the technology is South Africa. In fact, Tumelo Ramaphosa, son of the newly elected president, Cyril Ramaphosa, has been spearheading various initiatives. In 2018, he organised the Unlocking Blockchain Africa Conference, and he plans to launch the first Blockchain focused university.

Bitcoin in 2019

While Bitcoin and other cryptocurrencies continue to find their feet, and uncertainty remains around future regulation or adoption by governments and institutional investors, there are massive opportunities to capitalise on daily.

There is no doubt that crypto CFDs are a great way to get involved in this growing sector; so, as the old saying goes: “Make hay while the sun shines” or should we say: “create digital hay whilst Bitcoin shines. “