Good news is around the corner! Bitcoin rebounded by two digits, after struggling to recover above the $4,000 mark. A turnaround from the slump during the Thanksgiving week, Bitcoin spiked as much as 16%, hitting a high of $4,341.44. The cryptocurrency is said to have fallen flat below $3,500 for the first time in 14 months. At one point, it was down 80% from its all-time high and within range of its worst-ever bear market.
Some of the other major cryptocurrencies that gained points included XRP and Ether, said the CoinMarketCap. Bitcoin’s gradual recovery also indicates how investor sentiment is slowly shifting back into positive territory. XRP, the second largest by market cap rose to 12%. Ether, the third biggest was up by 14%. Although still in deep trouble, Bitcoin’s comeback proves to be a ray of hope for the market. Experts, however, believe that the comeback was possible because of the customers’ regained interest in the same.
Meanwhile, as newspapers report, Brian Kelly, CEO of BKMC said Bitcoin may have also been boosted by “hash wars” over bitcoin cash finally coming to an end. The fact that the digital currency split into two competing agents Bitcoin ABC and Bitcoin SV could also be a factor behind the upsurge.
Kelly said, “People are starting to understand that this is a legitimate asset class.” On the flipside, Bitcoin futures issued by Bakkt Intercontinental Exchange’s upcoming exchange was delayed last week because of the sluggish week. The company, however, denies that the decision is related to the Bitcoin price fluctuation. It said, “As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So, it makes sense to adjust our timeline as we work with the industry toward launch.”
The new launch date is said to be scheduled for Jan 24, 2019, overlapping with the reported timeline for the Nasdaq futures. This could indeed be a significant boost for Bitcoin both before Christmas and at the actual time of the launch.
Meanwhile, it has been reported that Bitcoin got the backing of the key figurehead on Wall Street this week. It now remains to be seen how the Bitcoin market behaves in the new environment, especially as experts like Civic’s CEO suggest that Bitcoin could remain range-bound for the next three to six months.
