Wednesday, November 1, 2017

Bitcoin price soars as speculation of another hard fork split and futures trading drives traders

Last week we showed how Bitcoin is now acting like every other traded asset where buy the rumor and sell the news is becoming the norm for the virtual currency (asset).  And now with two more big events on the horizon for the cryptocurrency, speculators are once again driving up the price to new all-time highs in response to a potential third split (hard fork) and the chance for Bitcoin to become another paper trade in the futures market.

Amid hopes for more mainstream adoption, thanks to CME launching Bitcoin futures, and expectations of another 'fork dividend' as the SegWitzx software update looms, Bitcoin prices have soared above $6600 this morning... 
It appears traders are rotating out of other cryptos into Bitcoin once again...
Sending Bitcoin above $108 billion market cap and over $6600... 
There is also speculation that this most recent surge is being driven by another upcoming "fork" in bitcoin's underlying software.The SegWit2x software update is scheduled for November 16 and could split bitcoin in two, creating a new currency. 
This has happened in the past with Bitcoin Cash and Bitcoin Gold, and in those cases, bitcoin holders got those new coins for free. 
As a result, investors may be piling into bitcoin in the hopes of a SegWit2x dividend. - Zerohedge
Contrary to the altruistic rhetoric of cryptocurrencies having the potential to 'change the world' and stick it the government, traders are currently treating Bitcoin like every other type of financial investment, and owners of the virtual currency need to treat their own portfolios as if it were just another trade in the market.

Because that is what the majority of Bitcoin buyers are doing anyway.

1 comments:

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