Posted 2 years ago | by Ben Armstrong
Current Bitcoin Price
Currently the price of Bitcoin is $11,737.36 according to CoinMarketCap.com. Bitcoin Dominance is setting a yearly high at 67.6% and is looking to push 70% soon. The overall marketcap is once again over $300B coming in at $310,295,351,139.
Why is the Price Moving so Quickly?
The price of Bitcoin seems to be heavily affected right now by the U.S.-China Trade War. Bitcoin is not the only cryptocurrency that may have been affected by this, as it is quite possible the Justin Sun & Warren Buffett lunch may have also been cancelled due to escalating tensions between the world's two superpowers. While Bitcoin is surging up almost 10%, both the stock markets & the Chinese yuan have been falling.
Last Friday, President Donald Trump imposed a 10% tariff on Chinese imports. China responded by weakening its currency, the yuan by setting the value at 7.0807 against the dollar. This is the first time since the 2008 financial crisis that the yuan breached the 7 level against the dollar. Many crypto enthusiasts believe that Bitcoin will be the best shelter for people's assets if there is a weakening of fiat currency. The weekend's Bitcoin price movement may be an indication that this could be correct.
This Bull Run is Different Than 2017
According to a chart posted on Trading View by BTC Big Picture, this bull run is looking to by much more like the 2012-2013 bull run than the last one. This can be seen in how steep this run is looking. The 2016-2017 bull run started much more slowly than the pace we are currently on. This means that we may see FOMO like we have never seen before... which is saying a lot considering how crazy the Bitcoin hysteria was in 2017.
In additional to historical data, there are some future indicators that could also push the price forward. In Q3, after almost a year of hype and speculation, it appears as if Bakkt is finally set to launch. While we have been led on by them in 2019 like a prude prom date, this could finally be the moment we have been waiting on.
Personally, I've stated many times that the reason we have seen the delay is because Bakkt wanted to wait for the right price action to launch. And the time has never been better than right now. However, Bakkt's latest excuse for the lack of a launch is that they are waiting for their crypto custody service, Bakkt Warehouse, to get approved by the New York Department of Financial Services (NYDFS).
See more about this story in BitBoy Crypto's latest video: