Bitcoin and Cryptocurrency Market Need More Powerful Catalysts

After passing through a year of 2018 that witnessed a severe depression for the digital market, Bitcoin rebounded to achieve gains that exceeded 200% after an impressive rise in the second quarter of 2019. This bullish rally came along with gold, which also achieved broad gains, and this is said to be driven by investor interest. Increasing access to safe haven.

With the beginning of the third quarter of this year, the largest cryptocurrency was subjected to wide fluctuations, as it traded between the $12,000 and $9,000 ranges, under the influence of issuing many positive and negative news that affect the movements of the largest cryptocurrency in the world, and the $15,000 level is the next target, while Breaking the $9,000 barrier is a signal for more losses.



Currently, it is still Bitcoin Q8 Trade Under pressure, over the past few days, the currency fell below the $10,500 support, and the price struggled to achieve more gains, to trade near the $10,200 level.

But over the course of last week’s trading, bitcoin rose by about 6.5%, recording the first weekly rise in a month, supported by many positive news stimulating the digital market, and investor optimism again about bitcoin trading above the $10,000 level again, and it also set a new record in two and a half years. in controlling the digital markets.

Despite the great coherence that we notice for the price of the Bitcoin currency, other major digital currencies such as Ripple, Litecoin, Ethereum, and Bitcoin Cash are suffering from a significant decline, as prices reached major support levels, and this is a sign of shrinking some of the capital that is invested in digital currencies.

Bitcoin awaits the official launch of the BAKKT platform

The currency supported the news that the Bakkt exchange will launch the Bakkt platform on September 6, and the platform is supposed to issue futures contracts denominated in bitcoin on September 23.

On July 22, the platform began the trial operation of the platform, which aims to provide the confidence that cryptocurrency exchanges lack in providing financial services to institutional investors.

It is expected that the Binance digital currency trading company will launch a branch in the United States under the name of the Binancio S platform in the coming weeks, but before the launch it will be run in a preliminary manner through (KYC) in order for users to have enough time to verify their accounts and deposit their funds.

As Bitcoin continues to consolidate, traders and analysts are looking at the charts again in search of the next direction. In the short term, there are mixed opinions, but one analyst expects a significant decline before any upward momentum in prices resumes. Despite these expectations, the cryptocurrency market is characterized Seeing in it is ambiguous, so it is not possible to know exactly the reasons for the sudden rise or fall.

Mohamed Abdel Khaleq

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