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Technology New impulses on the Bitcoin market: these factors now speak for a bull market

04:40  10 august  2020
04:40  10 august  2020 Source:   finanzen.net

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A bull market is a market that is on the rise and where the conditions of the economy are generally favorable. A bear market exists in an economy that is receding and where most stocks are declining in value. Because the financial markets are greatly influenced by investors' attitudes, these terms also

Now that Bitcoin has had a massive sustained rally, can we now say with confidence that a Bull market has potentially started in BTC? Are there any doubts

After a month-long dry spell, Bitcoin is on everyone's lips again. With the sudden price jump above the mark of 11,000 US dollars, the crypto scene sees its forecast confirmed and is already talking of a new bull market.

PHILIPPE HUGUEN/AFP/Getty Images © Provided by Finanz.net GmbH PHILIPPE HUGUEN / AFP / Getty Images

• Fear of inflation drives prices

• Professional investors reach for Bitcoins

• Further price increases are very likely

After the third halving in the history of Bitcoin , which already took place in mid-May, many Bitcoin fans and investors speculated on a rapid rise in the price of the world's most popular cryptocurrency. Instead of a new rally, which for many observers was as good as certain after the block reward was halved again, the price of the digital taler slid into a sideways trend that lasted for weeks.

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Now , four people in Kentucky have staged an ambitious demonstration: a hunger strike to demand all the officers involved in her death are fired and stripped With the price of bitcoin hovering near recent highs and some wondering whether we're poised for a pullback, CoinDesk's Markets Daily is back for

And this is only the factor of fiat devaluation-- This is not even taking into account the increasing global adoption of cryptocurrencies which will additionally increase their value. So really, there are 2 positive forces working on the price of Bitcoin and cryptocurrencies simultaneously.

Digital gold overtakes real gold

With a sustained price jump above the magical mark of 10,000 US dollars and now even 11,000 US dollars, Bitcoin has now left its roughly six-week sideways trend. - Bitcoin trade with Plus 500 - that's how it works. 76.4% of retail investor accounts lose money when trading CFDs with this provider . You should carefully consider whether you can afford the high risk of losing your money. - Accordingly, the cryptocurrency gained $ 1,351 in total last month, making July the second-best month in digital currency history.

The price increases from July 2020 can therefore be classified directly after the record month of December 2017. At this time, the cryptocurrency is climbing to its all-time high, which was marked at around $ 20,000. With a price increase of around 24 percent, Bitcoin was even able to outperform the crisis metal Gold in July, which only gained around ten percent in value during this period.

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# bitcoin #crypto #cryptocurrencies I explain whether Bitcoin is in a new bull market . If you enjoyed the video, please feel free to drop a Like and Subscribe for more videos like this in the future.

Bakkt is a new digital asset platform announced by ICE, the parent company of NYSE. It's goals are to create the infrastructure necessary for institutional i Their roadmap includes a physically settled futures market as well as creating the tools necessary for consumers and merchants to use Bitcoin

Fear of inflation is driving prices

One of the main reasons for the renewed price rally on the Bitcoin market is, besides the halving event, probably also the enormous weakness of the US dollar , which inevitably indicates that many investors, due to the difficult economic situation and excessive debt policy of the USA, expect a rapid loss of purchasing power of the world currency.

So it is hardly surprising that precious metal prices have increased enormously almost parallel to Bitcoin. While the gold price has been in a brilliant upward trend for several weeks, many investors have now rediscovered Silver for themselves. The price for gold's little brother even rose by around 30 percent last month.

Bitcoin eludes financial repression

Many investors only now seem to understand the real benefits of Bitcoin. Because while the classic fiat currencies such as the US dollar and euro can be reproduced endlessly, the common precious metals such as gold and silver are not completely protected from government intervention. The gold bans imposed in 1923 in Germany, 1933 in the USA, 1936 in France and 1966 in Great Britain show that in an emergency the state does not at all shy away from attacking its own citizens' precious metal stocks.

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Bull markets always start like this . Do you remember when the U.S. stock market went up 40% in one year? No? That makes sense. We have lots of data proving this . While prices may move in tandem for a week or two, that short-term tendency falls apart over time.

On the contrary, consider the following factors and indicators: Market capitalization – the value of all issued digital coins of the particular cryptocurrency. High market cap means a large volume of the crypto coins participating in active transactions, which means an enhanced interest of investors

Such a ban on crypto currencies, on the other hand, is very unrealistic at the moment, as the digital coins can be traded completely without government influence and the traders therefore remain completely anonymous. In contrast to this, from January 10, 2020, when buying gold from an amount of 2,000 euros, you have to reveal all personal data. In addition, the Federal Ministry of Finance, under the leadership of Olaf Scholz, is now planning to tax physically deposited gold certificates, which will make the digital escape to the "safe precious metal haven" much less attractive.

cryptocurrencies gain acceptance

"During the last few days we have been able to notice a substantial increase in purchase orders from institutional customers, which confirms that the acceptance of Bitcoin has increased and that Bitcoin is increasingly being considered as an alternative asset class in the current environment," said Stefan Lütolf, who Head of Trading and Liquidity Management at Bitcoin Suisse to the NZZ regarding the increased demand for the cryptocurrency.

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 Ethereum monetary policy in criticism - Vitalik Buterin defends Ethereum system Ethereum is considered a special cryptocurrency - in some respects it differs from its big brother Bitcoin. But that could also be a disadvantage. At least recently, monetary policy has been criticized. © Provided by Finanz.net GmbH Peter Bischoff / Getty Images • Criticism of Ethereum calls Vitalik Buterin on the plan • Worried about inflation - possibly unfounded? • Ethereum founder defends attitude to upper limit Sometimes it seems to be a matter of belief: Especially the most popular crypto

The market is currently being driven to new highs by the “chase” into the largest mega-capitalization stocks. The Greed Factor . The RIAPro sentiment gauge, which is based on actual investor positioning, is at more This broadening, or megaphone, pattern is seen below on the monthly chart.

Li So a bull market is on the up and a bear market is when the price of shares is going down. Interesting. I wonder why… Neil It's easy to understand. Li Yes, now I do. That makes it very clear. Let's hear some examples of how these expressions are used. Examples Stocks rose in early trading.

The crypto expert also assumes that Bitcoin will now be increasingly taken into account in asset allocation, which will result in increased demand.

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Bitcoin: New highs are definitely possible

Should Bitcoin make its triumphant advance in the investor mainstream continue, it is conceivable that the old highs of the leading cryptocurrency will be exceeded very soon. Because while the fiat money supply in the USA and Europe is being pushed up by countless central bank programs, the maximum number of 21 million Bitcoins remains constant. Accordingly, the manageable number of coins contrasts with an ever larger amount of money, which inevitably has to look for an income opportunity.

private investors should not be tempted to make a thoughtless investment by the positive factors that speak for a renewed bull market and the price targets of 100,000 euros per coin and more prophesied in the Bitcoin scene. A reactive, manageable commitment, depending on the risk appetite, on the other hand, could very soon emerge as a useful addition to the portfolio.

Pierre Bonnet / Finanzen.net editorial team

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