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Bitcoin price is just shy of reaching a major psychological mark of $10,000. The rally began at $8200 on 25th November and since then there is no turning back for Bitcoin. After reaching an all-time high of $9771, the cryptocurrency has stabilized in the $9550 region.
At the time of writing, Bitcoin is trading at $9606, posting a record high market cap of $162 billion — making it the world’s 30th largest currency, surpassing currencies like Singapore dollar and the United Arab Emirates Dirham.
One of the major factors fueling this rally is the launch of Bitcoin futures by the CME Group. Some analysts are also suggesting futures will pave way for Bitcoin ETF, given that another Bitcoin options exchange in LedgerX has already been approved and regulated by the US Commodities and Futures Trading Commission (CFTC).
Why is this such a big deal, you ask?
Usually, acquiring Bitcoin for casual investors is not seen as an easy task. They have to go through mandatory and often strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. They must also learn how to securely keep their Bitcoins. While people in this industry think it’s straightforward, new investors are wary of getting into such “technicalities.”
In most regions, bank accounts of traders are connected to stock brokerage accounts and investment firms like CME, Fidelity, and Goldman Sachs.
So come December, traders will be able to seamlessly move funds from their bank accounts to the Bitcoin market, using the same infrastructure they have utilized over the past few decades.
Analysts like Bitfury vice chairman George Kikvadze expect tens of billions of dollars to flow in the Bitcoin space in the short-term.
Bitcoin adoption as a store of value and as a payment method is on the rise. There is a good chance second-layer scaling solutions (such as the lightning network) will be integrated by leading Bitcoin service providers by next year, which will lead businesses and merchants to accept Bitcoin payments with low transaction fees from their customers.
This is also another reason why we are seeing so much optimism from Bitcoin investors regarding its adoption in the future.
Most of the analysts are welcoming these crypto gains. Wall Street strategist Bob Doll said that the record-setting Bitcoin price rally may be predicated on investor speculation, but that does not detract from the fact that it is on an “amazing run”.
Expressing speculations, ShapeShift CEO Erik Voorhees advised investors with significant cryptocurrency holdings to take some profits and pay off their consumer debt.
Top Stories from the Crypto World
1. “ICOs are absolutely securities,” says former SEC boss
Joseph Grundfest, former commissioner for the Securities and Exchange Commission (SEC), and now Stanford Law professor, says that Initial Coin Offerings are an almost comedic violation of securities law, and should absolutely be regulated immediately.
He’s so convinced, in fact, that he has been contacting the current administration to pursue them. He said:
“ICOs represent the most pervasive, open and notorious violation of federal securities laws since the Code of Hammurabi… We’re waiting to see a whole bunch of enforcement actions in this space, and we wonder why they haven’t happened yet. I hope what they are doing is planning on a sweep of 50 ICOs.”
2. Samsung inks deal with Seoul government for Blockchain platform
Samsung SDS has signed a deal with the Seoul Metropolitan Government to help develop its “information strategy” plan – using blockchain to support administration across welfare, public safety and transportation affairs in the capital by 2022.
Hong Won-pyo, CEO of Samsung SDS said:
“Samsung SDS’ blockchain technology and consulting capabilities will contribute to Seoul’s leap as a top-rate global city.”
3. The Big Bang Theory to do an episode of Bitcoin
The Big Bang Theory is a popular American television sitcom that’s featured on the network CBS reaching 12.6 million viewers. On 30th November, the entire episode will be based on a Bitcoin storyline as the cast finds a laptop with a cache of cryptocurrency.
Trailer for the curious: https://www.youtube.com/watch?v=1j9AYtRXeFQ