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Prior to the previous hard fork, Bitcoin price was highly volatile, as the community and the market were unsure over which blockchain to support. We are witnessing the same sentiments before the Segwit2x hard fork due in November.
The day before Bitcoin plunged to $5120 and stormed back above $5650 in a single day. The entire cryptocurrency market endured a major correction for a few hours.
Some analysts are arguing that SegWit2x supporters and investors are investing in Bitcoin to obtain SegWit2x coin or B2X in November and thus pushing the bitcoin price up. While these claims could be true, but it is more likely that the support for Bitcoin’s mid-term growth is allowing the market to sustain an upward momentum.
Bitcoin dominance index, on the other hand, has increased to 56.1%, which suggests that traders are not heavily investing in altcoins, instead, holding Bitcoins.
In the past 24 hours, Bitcoin prices have slightly stabilized and continue to trade sideways. Oh wait, I spoke too soon. Just refreshed the page and it says, Bitcoin is trading at $5805 – an increase of 3% in the past one hour – posting the market cap of $96.5 billion!
The next psychological barrier for Bitcoin is $6000 and a $100 billion market cap. Expect price swings to continue until the hard fork. Post that, Bitcoin will likely test new all-time highs once again.
Top Stories from the Crypto World
1. Put 10% savings in Bitcoin: Mark Cuban
Billionaire investor Mark Cuban released a “getting rich” video, in which he produced nine tips on maximizing potential wealth long-term. Among them in fifth place was advice to “invest up to 10 percent of savings” in so-called “high risk” assets, specifically Bitcoin and Ethereum.
Mark said, “If you’re a true adventurer and you really want to throw the Hail Mary, you might take 10 percent and put it in Bitcoin or Ethereum,”
A few months back Mark called Bitcoin a “bubble” that could burst anytime. After a couple of weeks, he went from Bitcoin being a bubble to “I want to learn more about them,” and now asking people to put 10% of their saving into the cryptocurrency. Looks like Mark has finally done his research.
2. Australia officially ends double Bitcoin tax
Australia has finally ended, the long-controversial, goods and services tax (GST) on cryptocurrency purchases.
The law was enacted in 2014, which treated cryptocurrencies as bartered goods for GST purposes – legislation that quickly received criticism from technology advocates. Last year it saw pledges from government officials to rectify the issue.
With the passing of the new bill, as of July 1, 2018, bitcoin and other cryptocurrencies will now get the same GST treatment as foreign currencies.
3. Bitcoin is heading to $10,000: CNBC survey
According to the latest CNBC survey, the price of Bitcoin could be headed to over $10,000. Former hedge fund manager, Michael Novogratz, also agrees on the same number. He sees Bitcoin heading to $10,000 in the next six to 10 months.
The rise of Bitcoin is looking unstoppable from here. It is important to note that this year, every dip in Bitcoin price was recovered in less than a week – whether it be due to China banning cryptocurrency exchanges or fears over chain split. Investments from big financial institutions are only going to help Bitcoin achieve fresh new all-time highs.