Bitcoin, as the front man for the entire cryptocurrency industry, has been on a wild roller coaster ride since approaching the $20,000 mark in value at the end of last year. The ride this year has mainly consisted of some major downhill runs that came close to bottoming out at the $6000 level. However, a reversal of fortunes in recent trading has brought some much-needed renewed optimism to the bitcoin investment community.

In a post from this past Sunday on Bitcoinist.com by Jake the Crypto King, this renewed optimism that the worst of this downward slide may be over is tied to the recent price spike to the mid-$7000’s for bitcoin’s trading value.

The negative news surrounding bitcoin in specific and the cryptocurrency industry as a whole has been solely responsible for this tremendous loss of value. While blind optimism (and possibly investor greed) probably drove bitcoin to those dizzying heights in value that could never be sustained, the sudden drop to some dangerously low levels was a direct response to investor’s fear.

When Did The Bitcoin Price Reverse?

Some of the reasons attributed to the recent turnaround in value start with renewed optimism for the entire cryptocurrency industry. Bitcoin may be the face of that industry, but it is still just part of the overall cryptocurrency futures that are traded through major commodity exchanges such as CBOE.

The speculation for why bitcoin quickly moved from a trading value in the mid-$6500 to the mid-$7500 to reflect a 15 percent gain varies. One reason cited in this report could be the SEC’s recent consideration of CBOE’s application to approve the purchase of bitcoin (BTC) through the use of exchange-traded funds (ETFs). This would allow institutional money to be used to buy BTC for the general public as well as for anyone who might be interested in investing in their fund.

In the past, every application by a commodity exchange such as CBOE for a Bitcoin ETF has been rejected. The main concern in the past were directly related to security issues. A regulatory body such as the SEC needs to ensure that there are processes and procedures in place to protect investors against BTC theft with insurance. The question of having the right infrastructure in place for ETFs to purchase large quantities of BTC was also mentioned in this report.

CBOE has worked tirelessly to resolve both the security issues as well as the infrastructure concerns to clear the path for approval from the SEC. Right now, everything does point towards CBOE becoming the first ETF approved to buy BTC.

What Is The Future Of Bitcoins Price?

Going back to the beginning of this year, it is estimated that 50 percent of the new money coming into the cryptocurrency industry in the form of investments has been from financial institutions. Most of that BTC money was acquired at deeply discounted values given the steady slide in price. Given its current value in comparison to the all-time highs of last December, BTC remains an attractive investment should CBOE gain approval to buy in as an ETS.

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Estimates

Some estimates of BTC’s value by the bulls in the market are as high as $25,000. The bears weighing in on the discussion still believe it could drop all the way to $100. Each scenario depicts one heck of a roller-coaster ride.

Summary

Article Name

Bitcoin Price Reverses its Recent Slide | Cryptocurrency Prices

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Why Did The Bitcoin Price Reverses its Recent Slide? Bitcoin, as the front man for the entire cryptocurrency industry, has been on a wild roller coaster ride since approaching the $20,000 mark in value at the end of last year.

Author

Vladimir

Publisher Name

Army of Bitcoin

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