Author Topic: btc hits 5300$ but will it drop back below 5000$ ?  (Read 6 times)

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btc hits 5300$ but will it drop back below 5000$ ?
« on: October 12, 2017, 09:07:44 PM »
a very happy moment that btc crossed 5300$
what you think will it stay over 5000$ now?


Although it isn’t entirely clear why the digital currency is resurgent, here are a few reasons market participants attribute to its record-setting advance:

1. Bets on digital-currency dividend
Some investors are wagering that a pair of so-called hard forks in core bitcoin, which will create two separate versions of the No. 1 cryptocurrency, will boost the holding of digital-currency assets.

On Oct. 25, so-called Bitcoin Gold designed to address challenges mining for bitcoin using computers to solve complex problems, will be launched.
On Nov. 18, bitcoin will face a second version of Segregation Witness, or SegWit2x, which would create an alternative version of the bitcoin.

2. China bitcoin exchanges
Charles Hayter, chief executive officer and founder of CryptoCompare, said heightened speculation that China may license digital-currency exchanges and allow them to reopen after a recent ban. Beijing last month moved toward a broad clampdown on bitcoin trading.

3. Amazon.com speculation
There are rumors about Amazon.com Inc. AMZN, -0.01%  accepting bitcoin on its retail platform. According to a blog post on Seeking Alpha, Amazon could announce that it will accept bitcoin as payment on its site when it reports quarterly results Oct. 26, which could lead others, including Alibaba Group Holding Ltd. BABA, +0.04% to follow suit.

4. FOMO
Fear of missing out, or FOMO, also may be propelling bitcoin and other cyber currencies higher. A cycle of news covering the virtual currency’s path to new heights can draw fresh attention to it and encourage further buying, thereby propelling the asset ever higher.

Of course, there are plenty of worries that the asset has all the telltale signs of a speculative bubble.

5. Wall Street attention
As the virtual currency gains more attention from average folks, it is also garnering eyeballs and investments from hotshot Wall Street veterans. A co-founder of alternative asset manager, Fortress Investment Trust, Michael Novogratz is starting a $500 million fund to invest in cryptocurrencies and told CNBC during a recent interview that the cryptographic currency could be worth $10,000 in six to 10 months.