Of a truth, it’s a November to remember for Bitcoin and its investors. From Segwit2X cancellation to the recent Bitcoin price correction that pulled the Bitcoin price back to the $5000 price region and now the new all-time high of $8,040.
The continuous bullish trend of Bitcoin is certainly breaking the hearts of Bitcoin skeptics and bubble burst predictors. On the other hand, Bitcoin keeps putting smiles on the faces of its investors while proving its skeptics wrong by attaining new peaks each time Bitcoin is called a ‘bubble.’ One of Bitcoin’s most prominent skeptics is billionaire businessman, Jamie Dimon who is JP Morgan chief executive.
It is pertinent to note that the Bitcoin market experienced a massive Bitcoin sell-off last week, due to the indefinite suspension of segwit2X. Investors who were hoping to cash in on the supposed airdropped B2X coins were disappointed as the hard fork ceased to activate, leading to a massive Bitcoin price correction which made the Bitcoin price drop to as low as $5600 on Sunday, the 12th of November, 2017.
Bitcoin and cryptocurrencies analysts are of the opinion that Bitcoin market will experience a massive bullish rally in the upcoming weeks, down to the end of 2017 because the CME Group, which is the world’s leading and most diverse derivatives and futures exchange firm, will launch Bitcoin futures contract.
BITCOIN PRICE TO SKYROCKET IN DECEMBER
CME Group to launch Bitcoin futures
At the beginning of the week, CME Group Chairman, Terry Duffy said the end of December would complete all paper works and approval of CME Group’s Bitcoin futures trading. In essence, the CME Group is expected to launch Bitcoin futures trading in December 2017. All things being equal, if the CME Group launches Bitcoin futures trading successfully, it will further boost the Bitcoin price as many investors will feel more comfortable investing in Bitcoin.
Coinbase launches Coinbase Custody
In another development, the California based, world’s giant Bitcoin wallet and Bitcoin brokerage firm – Coinbase, launched Coinbase Custody, which is a Bitcoin trading platform explicitly created for institutional and retail traders. Coinbase Custody is worth $1.6 billion in Bitcoin. The minimum amount that can be invested by large-scale investors is $10 million in Bitcoin. In a statement by the Co-founder of Coinbase and CEO of Coin Custody – Brian Armstrong, he said Coinbase is currently storing over $9 billion worth of cryptocurrency on behalf of its customers and thousands of institutional investors use its GDAX digital currency exchange which is the leading digital currency exchange in the United States of America.
BITCOIN LIQUIDITY EXPECTED TO INCREASE EVEN MORE
Currently, Bitcoin has more liquidity than Apple, which holds the record for being the most liquid stock in the world, with a trading volume below $4 billion, while Bitcoin, on the other hand, boasts of a daily trading volume of above $5.8 billion.
Analysts say more financial institutions and platforms are getting ready to integrate Bitcoin in the nearest future since the market valuation of firms that have already integrated bitcoin skyrocketed within an unbelievably short period. For bitcoin investors, the sky will always remain blue and the grass greener because Bitcoin has come to stay and will only get bigger with time.