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Bitcoin price is likely to rise in coming days, watch out.
Bitcoin price is likely to rise in coming days, so watch out.
The price of Bitcoin has been relatively stable since the halving, that was the second time in history when the rate at which new Bitcoin are produced was halved.
Speculation seems not to be having its way this time but a natural course in the utility of Bitcoin in different parts of the world which is setting itself in to give the top digital currency the value it is currently experiencing.
A report says a pennant trading pattern commonly used by equity analysts has emerged on the digital currency’s chart—and it suggests that prices are poised to shoot even higher.
Combined with the halving, and the growing media coverage of Bitcoin-related issues by popular mainstream media - most certain that you’ll agree that so much has changed in that regard, below are additional events and trends that will likely improve the uptake in the use and price of Bitcoin in coming days.
There’s been a growing interest in Bitcoin from the Japanese and South American markets of late. Aside Coinbase finding its way into the Japanese market in an historic partnership move with one of the country’s largest banks, a first of its kind since the Mt Gox experience in 2013, higher 24 hour trading volume has been recorded in Japan with Bitflyer topping the chart according to coinmarketcap.com leaving Bitfinex and others behind.
In South America, the launch of Colbitex in Colombia and the rising inflation crisis in Venezuela, as well as the growing use of the currency in Brazil, according to coin.dance are some of the factors that created the necessary awareness for Bitcoin in the region.
The introduction of the Vontobel certificate on Bitcoin in USD as a classic tracker certificate (SSPA: 1300) that offers investors a simple means of investing in Bitcoin come July 15 is likely to push the price up.
The established Swiss bank is giving investors who expect a positive development in the Bitcoin price the opportunity to trade transparently on the SIX Swiss Exchange for the first time, trading the Vontobel certificate on the secondary market i.e. buying or selling at the applicable bid/offer prices. This will be an historic addition to the Bitcoin community especially considering the bank’s 22 international locations and its record as one of the best at identifying and analyzing trends, and subsequently creating innovative investment strategies and products around them.
Unless something drastic is done, a pending crisis in the EU’s financial sector will see Bitcoin’s adoption surge in no time. The International Monetary Fund said economic growth in Italy, the eurozone's third-largest economy, wasn't expected to return to the levels seen before the 2008 financial crisis until the mid-2020s when other economies in the euro currency area would have grown 20 percent to 25 percent larger.
In its Italy report released on Tuesday, it cut its growth estimate for the country, expecting GDP to expand by less than one percent in 2016 from an earlier forecast of 1.1 percent. The IMF urged Italy to launch urgently needed economic reforms to accelerate growth and head off a looming crisis in its financial industry as "risks tilted to the downside" including financial market volatility, the refugee surge, and headwinds from the slowdown in global trade.
Figures suggest a remarkable 17% of bank loans in Italy are bad – that’s over £300bn of bad credit hence the recent market volatility – triggered by the UK referendum decision – has hit European banks hard and Italian banks harder. Italy and Portugal have not recovered from the 2010-12 European debt crisis, while Greece remains in a perilous situation.
Last Thursday, Italian Prime Minister admitted that the core risk for Europe is not just the Italian banking sector but the biggest bank of all in Europe: Deutsche Bank.
"If this non-performing loan problem is worth one, the question of derivatives at other banks, at big banks, is worth one hundred. This is the ratio: one to one hundred," Matteo Renzi said.
On Monday July 11, the chief economist of Deutsche Bank, David Folkerts-Landau, called for a multi-billion dollar bailout for European banks adding that the decline in bank stocks is only the symptom of a much larger problem, namely a fatal combination of low growth, high debt and a "dangerous" deflation.
Germany has resisted the urge to support a bailout. This is likely to change though as the disaster looming could be worst.
According to what Economics professor Guillaume Vuillemey from the Ecole des Hautes Etudes Commerciales de Paris (HEC Paris) told Radio Sputnik France, there are several issues facing banks in Italy and other areas of the Eurozone. Apart from funding, he said the second question to be asked is: Who is supposed to give it to them?
“Here there are two possibilities: either the EU, or the (national) government), or the markets themselves. It is clear that today capitalization from the market is preferred, not from the government. There have to be stimulatory measures so that shareholders buy more securities and they, not taxpayers, take on the risks of banking assets."
If we go by the words of Clif who makes “future forecasts via radical predictive linguistics from the slightly tilted planet seen from deck of kayak” Tuesday July 12 should be the day a 16-day rise in the price of Bitcoin should start moving from a $688 range to $1000 per BTC.
We’ll see how it all goes. In the meantime, you can add yours.
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