It is that time of the week again during which all the important cryptocurrencies go up in value. This also means some currencies will lose value, which is nearly always the case when the Bitcoin price starts moving up. With a Bitcoin price rise of 4.73%, we may see another run at $12,000 before the day is over. Previous attempts have all been rejected, though.
BITCOIN PRICE TARGETS $12,000 AGAIN
It is not entirely surprising to see people push the Bitcoin price to the $12,000 mark once again. Various financial experts had predicted this value would be reached at some point in late 2017 or early 2018. Although it remains to be seen if any of these predictions will come true, there have been several attempts to remain above $12,000 in the past few days. None of these “runs” has been overly successful, though, but the bullish sentiment is certainly there.
This battle will not go over all that easy, as there is significant pushback from traders all over the world. Around 24 hours ago, we saw the Bitcoin price dip to just over $11,100 again, which could have signaled another correction was incoming. The dip was bought pretty quickly, and the Bitcoin price started recovering accordingly. After some more pushback after surpassing $11,400 again, the momentum is now clearly in favor of surging toward $12,000
Whether or not the Bitcoin price can effectively stabilize around the $12,000 mark is an entirely different matter. It is a new milestone for the Bitcoin ecosystem as a whole, even though there have been a few peaks above $12,000 as well. Every new all-time high seemingly results in higher lows and it will be interesting to see how this next bull run plays out. A lot of people would love to see the Bitcoin price surpass this new all-time high on a permanent basis.
Shanghai Losing Cryptocurrency Trading Market
As reported by CCTV news, 17 trading platforms will stop cryptocurrency trading in Shanghai. BTCChina, Binance, SZZC, Lhang, ETCWin, Bitekuang, 51SZZC, Hanbiwang, Bitbill, 19800Net, FreeWillex, ICOAGE, 91ICO, ICOrace, ICOfox, ICORaise and ICO17 have publicly announced that they are no longer involved in ICO operations and have proposed plans to exit from the market.
According to a report by the National Committee of Experts on the Internet Financial Security of Technology of China, in January 2017 up to July 18, there were 65 completed ICO projects in China totalling RMB 2,616 bln worth of investment. Before 2017, there were only five completed ICO projects.
On Sept. 4, the People’s Bank of China (PBOC) issued an official announcement explaining that ICOs are a form of public fundraising that are yet to be approved, and illegal. It called for all ICO activities to be stopped immediately. Later on, the government of Shanghai city and Shanghai municipality, as well as Shanghai PBOC headquarters called for all digital currency trading platforms to stop trading by Sept. 30. Subsequently, the Shanghai government would supervise refunding activities to ensure that investors could get their funds back.
More than 90 percent of ICO projects have been verified and refunded. In order to ensure a smooth operation, the top management of these platforms are asked to stay in Shanghai to cooperate with the refunding activities.
Some investors are refusing refunds, one of the main reasons being that the launched ICOs are being traded overseas, and the investors believe they are entitled to own the tokens. Moreover, the prices of the tokens are increasing, so investors do not want refunds at the same price as when the ICOs were first launched. Regarding this, Shanghai regulators explained that the core principle is to protect investors’ rights and benefits. They urge for the investors and platforms to communicate better.
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If the Bitcoin trading volume is any indicator, that shouldn’t be much of a problem whatsoever. In fact, the $6.62bn worth of BTC changing hands over the past 24 hours only affirms there is a growing global demand for the world’s leading cryptocurrency. With the introduction of official futures by major financial players in the near future, we may see accelerated Bitcoin price growth before the year is over.
One of the big questions is how long it will take for a major Bitcoin exchange to overtake Bitfinex in terms of volume. So far, no company comes even close, as even Bithumb generated less than half the volume of Bitfinex. HitBTC is in third place, although the battle with GDAX is in full effect as we speak. Once again, we see no EUR trading market in the top 10, but this has almost become the norm this year. It is evident we need more EUR-denominated gateways for all major cryptocurrencies, as Kraken simply can’t handle the load.
All things considered, things are looking pretty good for the Bitcoin price right now. While this remains an extremely volatile market first and foremost, things may play out in a positive manner. If the Bitcoin price surpasses $12,000 and stays there for an extended period of time, we may very well see it hit $20,000 by the end of March 2018. As is always the case in the cryptocurrency world, there are no guarantees or certainties.