This past weekend had been a little rough for the cryptocurrency market. Bitcoin dipped below $5300, and the signs continued to be there all through the weekend. It had seen some constant growth in the past few weeks, which had made people hopeful for the market but unfortunately, it seems like it’s going down south from here.
However, not everything is lost just yet. It could just be another roadblock if nothing more. The dip has been claimed to be 0.99% from what it started with on Sunday. It brought down the value of BTC to $5,283. This came as a surprise for many traders, but the chances are that BTC will gain its value of $3,500 soon.
If that does happen, the steady uptrend of the Bitcoin currency will continue. We all just have to keep our eyes on the price now. Who knows it might just surge higher than before which might be as good news as possible in the crypto world.
As I write this, the value of Bitcoin is $5,294.28, which is a significant rise. If predictions are to be believed, this figure might just keep going up rather than slow down. There are developments going on in Bitcoin industry that would help surge the price as more and more people start using Bitcoin for transactions and as reported earlier, if the countries start investing in Bitcoin-based bonds, the results would be rocketing high.
LedgerX Might Raise the Price of Bitcoin with Their New Offering
A US-based firm is planning to offer physically settled Bitcoin features contract. LedgerX, a cryptocurrency derivatives provider, announced on Monday that they have filed for a DCM license which allows such firms to offer physically-settled Bitcoin futures products to the customers. They would be the first US firm to successfully do so.
According to Juthica Chou, the chief risk and operating officer at LedgerX, it would also allow them to target retail customers as well. They won’t have to restrict themselves to institutional clients. This would be done through their new platform, named Omni.
Omni would offer Bitcoin, Bitcoin options and Bitcoin retail features to retail customers. It would act as a provider of both custody and trading services. It would increase the participants in the cryptocurrencies, especially Bitcoin. Since these users would become a part of the steady increase in Bitcoin scenario, its prices, and eventually profits, will rise too.
Positive Vibes of the Crowd Matters
Most of the times, investors make decisions, based on their gut feeling, their instincts or due to the decisions made by people they trust. It’s been assumed by analysts for a long time, and it seems pretty close to the truth with Bitcoin. If more people feel positive about Bitcoin, more people would invest which would definitely increase the value.