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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

BTC Price Breaks $2.8K Mark as Institutional Investors Drive Demand

Joseph Young
Joseph Young
1 year ago
3 mins read
business

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Despite the execution of Bitcoin Cash hard fork on August 1 which mainstream media outlets including BBC had described as “chaotic,” bitcoin price has maintained its upward trend and today, on August 4, bitcoin price broke the $2,800 mark.

Many investors and traders were expecting a different result on August 1. Some predicted the price of bitcoin to rapidly decline amidst rising uncertainty in Bitcoin Cash and the two bitcoin blockchains. The rest stated that the August 1 hard fork would have minimal impact on the bitcoin network, if any, because the industry has already started to consider Bitcoin Cash as an alternative cryptocurrency (altcoin).

Instead, contrary to most predictions and analysis, bitcoin price maintained its stability throughout the August 1 hard fork at around $2,750 and merely two days after the execution of the Bitcoin Cash hard fork and chain split, bitcoin price has entered the $2,800 region and its momentum indicators are pointing at a possible rally towards an all-time high price.

A key factor in the stability of bitcoin price throughout the first week of August has been the confidence of the market, investors and traders in bitcoin’s ability to handle the hard fork and scale accordingly. With the Bitcoin Core development team’s scaling solution and transaction malleability fix Segregated Witness (SegWit) imminent, the market was optimistic on the short-trend of bitcoin price regardless of the execution of a hard fork.

Throughout this week, analysts and mainstream media outlets have failed to outline some important events that have transpired within the bitcoin industry which could, within the upcoming months, act as driving factors of bitcoin price.

Most notably, CBOE, the largest options exchange in the U.S., has announced a partnership with Gemini and announced its plans to integrate bitcoin futures and options to target institutional and retail investors. In an exclusive interview with CNBC, CBOE CEO John Deters explained that the institution came to a decision to integrate bitcoin because it believed bitcoin and cryptocurrencies are “here to stay.”

Executive of the largest options exchange in U.S. tells CNBC, #bitcoin is here to stay.

Positive outlook on bitcoin and cryptocurrencies! pic.twitter.com/czYNuEljVZ

— Joseph Young (@iamjosephyoung) August 4, 2017

Tyler Winklevoss, the CEO of Gemini, further emphasized that with CBOE, bitcoin will become increasingly accessible to both retail and institutional investors. He said:

“Gemini’s key concerns in the cryptocurrency ecosystem have always been security, compliance, and regulatory oversight. By working with the team at CBOE, we are helping to make bitcoin and other cryptocurrencies increasingly accessible to both retail and institutional investors.”

On an annual basis, CBOE facilitates billions of future contracts and options. The integration of bitcoin will expose tens of millions of accredited investors to a new asset class in bitcoin and cryptocurrencies, which is highly optimistic for the bitcoin industry.

A barrier between institutional investors and bitcoin has always been the lack of liquidity of exchanges and strict KYC and AML systems that prevented the purchase of large amounts of bitcoin.


Image Credit: Creative Commons, No Attribution Required

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Joseph Young
Joseph Young

Joseph Young

Joseph is a web developer and designer, writer and a passionate musician who loves to travel often. He's worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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