Bitcoin: $6700 almost reached

Let's figure out what stands behind these new Bitcoin price maximum
01 November 2017   1883

Bitcoin price

First cryptocurrency continues its rapid growth. At the moment of press, it is being traded on Bithumb exchange for $6682.31 average.

Bithumb Bitcoin Buy/Sell Orders
Bithumb Bitcoin Buy/Sell Orders

Average price is $6538.17 with almost $108B marketcap.

Bitcoin Charts
Bitcoin Charts

Background

Let's try to figure out, what are the background on these new price hights of Bitcoin.

CME to launch Bitcoin futures contract
World’s largest derivatives exchange, CME Group, is to launch Bitcoin futures by the end of the year. Assuming regulators grant CME’s application, the exchange will become the second U.S. regulated exchange to offer Bitcoin derivatives to institutional traders.

Bloomberg says "Bitcoin is going legit, for better or worse."
This is unexpected move by one of the two leading providers of financial information for professional participants in financial markets.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   319

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.