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After rallying non-stop through $11,000, $12,000 and all the way up to $19,000 on some exchanges, it looks like the bulls have finally exhausted. Today, the cryptocurrency prices dipped to as low as $13,500 on GDAX, which in Bitcoin speak, is an everyday price swing.
Most of the recent run-up came because of CME and CBOE futures launch starting tomorrow. This move will take Bitcoin mainstream and bring in a lot of traditional and Wall Street money into the crypto markets.
But the question remains, will the trading in futures boost prices higher or will the short sellers use the opportunity to sink prices lower. It is very difficult to say what will happen, but one thing is for sure, the volatility is likely to remain high in the first few hours and days of futures trading, as both the bulls and the bears slug it out at the CBOE.
It will also be interesting to see how Bitcoin futures launch will affect the altcoin market. Will it be bullish or will bitcoin garner all the attention? Only the time will tell. As of now, altcoin market looks quiet with the exception of Litecoin which registered an all-time high of $200 today.
Interestingly, a Cambridge study conducted by Dr. Garrick Hileman and Michel Rauchs has revealed that the number of active users of Bitcoin wallets was in the range of 2.9 million and 5.8 million.
According to analysts, this number is expected to reach 200 million by 2024, given the current exponential growth rate of Bitcoin. Oh, and let’s not forget, there can only be 21 million Bitcoin. Do the maths.
Top Stories from the Crypto World
1. SEC Commissioner defends Bitcoin expert
In an event earlier this week, a regulator at the Securities and Exchange Commission (SEC) rebuked a top union official for unfairly criticizing a Bitcoin expert at a recent public meeting.
SEC Commissioner Michael Piwowar scolded Damon Silvers, the AFL-CIO’s policy director, saying:
“This committee is not a Hyde Park soapbox for demagoguery and tub thumping, nor is it an inquisitorial star chamber.”
The rebuke hearkened back to the committee’s October session when Silvers, head of the most powerful trade union federation in the U.S., railed against bitcoin and directed sharp criticisms toward at least one panelist who was representing the Blockchain industry.
2. Major gold dealer APMEX starts accepting Bitcoin
APMEX, one of the largest online gold dealers, has said that it would begin to accept the cryptocurrency through an integration with payment processor BitPay. It’s also offering a small discount on purchases made with Bitcoin in order to drum up interest in the new feature.
The company said in a statement, “For more than 15 years, APMEX has been an industry leader and along the way has adapted to the growing needs of our customer base. As bitcoin becomes more popular and widely accepted as payment, we are thrilled to welcome the use of this cryptocurrency for buying gold, silver and other precious metals by integrating BitPay into our website.”
3. Bitcoin is like American Revolution Currency, says Alan Greenspan
Former US Federal Reserve chairman Alan Greenspan has claimed that Bitcoin is irrational and will eventually suffer the same fate as the Continental currency, which was not supported by a commodity like gold during its time.
He added that the war currency was still utilized to create “real goods and services,” even though it had no real value. He argued that that is the state of Bitcoin today.
“Bitcoin is really a fascinating example of how human beings create value, and is not always rational … It is not a rational currency in that case.” Greenspan added.