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It seems there is no going down for Bitcoin from here. The price continued to hover around $3150 on Saturday with no signs of downward trend. Also, total Bitcoin market cap cruised through $50 billion. Looks like Bitcoin Cash acted as a catalyst that helped push the Bitcoin price up and restore investors’ faith in the cryptocurrency.
Let’s not forget Bitcoin is highly volatile, and even though market is bullish, a price correction will happen sooner or later. Although, this bullish wave is likely to continue for a while. We can see Bitcoin price reach as much as $3800 within a week or so.
Top Stories from the Crypto World
1. Crypto hedge funds could be the next big thing
According to economist and investor Tuur Demeester, hedge funds with crypto exposure are “exploding”. Tuur tweeted saying, as much as 70 such funds are now being in the pipeline.
Last week, BitcoinPrice reported Sequoia and A16z invested in a mutual fund co-founded by Naval Ravikant. The market will likely continue to call for increasing numbers as the funds continue to outperform other market spaces.
2. Reddit user riles up /r/btc with $900,000 BCH purchase
A random Reddit user claimed he will invest US$900,000 in BCH over the next 24 hours. The user did post some evidence that is compelling – a screenshot of his bank account that has close to $3 million.
It appears he/she is currently awaiting ID verification before the purchase can be made. Just like with a lot of things on the internet, there is a good chance this one is also a hoax and an attempt to pump BCH price.
3. Aswath Damodaran weighs on Bitcoin
Aswath Damodaran, professor of finance at New York University, famous for his working out valuation of different companies, recently came out with an intriguing blog (with video) on Bitcoin and cryptocurrencies.
Professor Damodaran points out that:
“The success part of a cryptocurrency is what they’ve done in the market…Bitcoin has soared and markets have treated it very well.”