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When Entire Universe Keen on Bitcoin Price Bubble Burst, Just One Underlying News That Drives Upsurge

When the price of the Bitcoin has tumbled from all-time highs of 20k approx to the recent lows of $5,755 levels, many of the sceptics with their dubious eyes had been betting for steep slumps further.

We at EconoTimes, contemplated this as an underestimation in our post in the recent past as well if the critic says cryptocurrencies have had an eventful weekend.

During last December at around $10,000 and stopping to a whopping $19,000 mark (some exchanges traded over $20,000), the bull-ride has been exciting, many, including American broadcaster Max Keiser perceive it’s majorly driven by the underlying news and the professional investors pouring money into the cryptocurrency industry on the back of the news.

Dear readers, before we proceed further, we reiterate that when an industry or a product that’s newly invented or maybe still under inception stage, such sort of speculative moves are quite common if you consider the lifecycle. Remember, if this’s the case with any industry or a product, bitcoin has been currency system and it is yet to evolve.

Today, Bitcoin price has vigorously spiked off about 5.44%, BTCUSD (at BITFINEX exchange) has surged from the lows of $6,327.1 to the recent highs of $6,671.6 levels owing to the constructive news of BlackRock, Inc. the world’s largest asset manager and exchange-traded fund (ETF) provider, who is reportedly exploring opportunities to legally take part in the cryptocurrency market. Like JP Morgan’s Dimon’s U-turn, BlackRock, Inc. seems to be constructive and finding ways to fetch handsome yields from the swiftly growing cryptocurrency industry even though the company’s past cynicism towards the same.

On considerable stability in the $250 billion region and sustainable price recovery, the crypto avenues have begun to exhibit robust momentum, potentially looking ahead for a breakout to the $300 billion mark, cushioned by a rally kicked off by bitcoin and Bitcoin Cash.

We are still talking about 5 times gains from here in the medium term. It (Bitcoin) would likely outperform stocks, bonds, gold in the days to come.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 38 levels (which is mildly bullish), while hourly USD spot index was at -29 (mildly bearish) while articulating (at 13:11 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

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