Bitcoin Hits $17K After Three Years – “Greatest Parabolic Advance” Ahead?
Well, $17K has been broken and Bitcoin is now looking at $18K with the current price at $17352
Bitcoin Hits $17K After Three Years; “Greatest Parabolic Advance” Ahead?
“The previous rally ran hot due to the then-booming initial coin offering (ICO) industry. Hundreds of young blockchain startups appeared with a business model to raise funds in Bitcoin and Ethereum. Therefore, investors who saw these young companies as unicorns started buying BTC and ETH as their tools to purchase their native tokens.
But more than 90 percent of those startups either turn out to be scams or vaporware. They sold whatever BTC and ETH they had raised, causing their market to crash throughout 2018. As of December 2017, one Bitcoin token was available to purchase for as cheaper as $3,000.
But this time, the Bitcoin rally appears against a worsening economic outlook led by the coronavirus pandemic. With businesses suffering and unemployment at dangerous levels, global central banks are making lending cheaper. They are also buying government bonds infinitely.
…Alex Saunders, the CEO/co-founder of Nugget News AU, said Tuesday that the Bitcoin market is about to see the greatest parabolic advance ever.
He noted that the capital outflow from exchanges has increased against the rising Bitcoin prices. Meanwhile, less money is entering the trading platforms, which reflects traders are looking to hold Bitcoin instead of trading them for other assets.”