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Bitcoin price is continuing from where it left off. It seems the cryptocurrency is set to register an all time high very soon. It has recovered well from its 40% decline which occurred throughout the month of September due to Chinese government’s nationwide ban on cryptocurrency exchanges.
Earlier today Bitcoin surpassed $4465 and is now eyeing the next psychological resistance level at $4500. Furthermore, since September 22, the market cap of Bitcoin alone has increased from $59 billion to $73 billion, taking the entire crypto market cap to $148 billion, which now has Bitcoin domination of 49%.
This uptick could be because of the tensions rising between the United States and North Korea, as leaders of both nations continue to threat each other. So much so that Trump on Sunday tweeted saying, “Being nice to Rocket Man hasn’t worked in 25 years, why would it work now? Clinton failed, Bush failed, and Obama failed. I won’t fail.”
Some may argue that correlating this conflict with Bitcoin price is preposterous, but there is some documented that says otherwise. Last week, for instance, the Bitcoin price surged $260 on the same day that a North Korean diplomat accused the United States of taking actions tantamount to declaring war.
That being said, it is hard to calculate the impact of global volatility on the bitcoin price. Another reason could be that investors and traders are finally realizing that Jamie Dimon and China don’t matter for Bitcoin to succeed. Japan officially licensing 11 bitcoin exchanges could also be another factor into play here.
In any case, Bitcoin is on a steady ascend with $5000 interim price target that many analysts believe the cryptocurrency will reach. Unless, you guessed it, Segwit2x hard fork comes into play. Jeff Garzik and the BTC1 team has a month to complete the project before the November 1st deadline.
Top Stories from the Crypto World
1. Goldman Sachs is exploring Bitcoin trading for clients
According to a new report by Wall Street Journal, Goldman Sachs is rumored to be putting together a new trading outfit dedicated to cryptocurrencies like bitcoin. The journal said that the bank is in the early stages of the efforts.
Although, it cautioned that the bank may ultimately pass on a cryptocurrency-focused trading operation.
“Goldman’s effort involves both its currency-trading division and the bank’s strategic investment group, the people said. That suggests the firm believes bitcoin’s future is more as a payment method rather than a store of value, like gold,” the Journal reported.
2. Naval Ravikant launches Crypto Index Fund for traditional investors
Naval Ravikant, founder of AngleList, is launching the HOLD 10 – first product of Bitwise Asset Management. Not everyone who wants to invest in a basket of crypto assets can afford the minimums or fees of a hedge fund, and they’d rather just hold a bunch of top coins instead.
HOLD 10 is a new passively managed index fund of the top 10 cryptocurrencies by inflation-adjusted market capitalization. HOLD 10 will be sold as a traditional security to accredited investors who must meet income or net worth minimums ($200,000 a year in income or $1 million net worth). It will have a management fee of 2-3%, and not the 20-30% performance fees of a hedge fund.
The 10 coins HOLD 10 contains at the moment are: Bitcoin, Ether, Ripple, Bitcoin Cash, Litecoin, Dash, NEO, Zcash, Monero and Ether Classic.
3. Ross Ulbricht drops claim to millions raised in Silk Road Bitcoin auctions
Ross Ulbricht, the convicted operator of dark marketplace Silk Road, has dropped a long-standing claim to millions of dollars previously seized by US law enforcement.
Feds auctioned 144,336 Bitcoins, valued at just over $48 million, that it obtained after shutting down Silk Road. The forfeited $48 million will count toward the more than $180 million in monetary judgments Ross was ordered to pay at sentencing.