Bitcoin: another historic maximum

Bitcoin reached $6345 at Bitfinex, with $101B marketcap
30 October 2017   2768

October 29 the price of the first digital currency suddenly emerged from a fairly long flat period and within the few hours made a sharp breakthrough, fixing a new record.

On the Bitfinex exchange the bitcoin price has reached the high of $6345, which is a new historical high.

Bitfinex Exchange
Bitfinex Exchange

At the moment of press, according to Coinmarketcap, the average Bitcoin price is $6123.48 with $101B marketcap and $2.6B 24h trading volume.

Bitcoin Chart
Bitcoin Chart

It is also worth noting that, together with bitcoin, the growth and most altcoins started. This, in turn, positively affects the aggregate capitalization of the cryptocurrency market. At present, the total value of the crypto currency on the market is $ 180 billion.

US Authorities to Pop BTC Buble, - Giancarlo

According to the former head of the U.S. Commodity Futures Trading Commission, the launch of the Bitcoin futures at CME popped the BTC price bubble
23 October 2019   31

Former head of the CFTC, Christopher Giancarlo made a sensational admission, saying that the launch of the Bitcoin futures on the Chicago Mercantile Exchange (CME Group) was a deliberate action by the Donald Trump administration, designed to burst the cryptocurrency market that had formed by then.

One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked.
 

Christopher Giancarlo

Ex-head, CFTC

Chicago Mercantile Exchange (CME) Bitcoin Futures was launched on December 18, 2017. The day before, the price of bitcoin reached its historical maximum in the region of $ 20,000, but over the next months it went down sharply.

On Monday, Giancarlo also spoke at the Pantera Summit in San Francisco, where he stated that the rapid rise in bitcoin prices observed at the end of 2017 marked the formation of the first major bubble after the 2008 financial crisis.

We saw a bubble building and we thought the best way to address it was to allow the market to interact with it.
 

Christopher Giancarlo

Ex-head, CFTC

Giancarlo also believes that the Bitcoin bubble cannot be considered in isolation from the 2008 financial crisis.

Coming out of the 2008 financial crisis, the legit criticism of regulators was along the lines of: Where were they during the expansion of the real estate mortgage bubble, and why didn’t they take steps to pop that bubble when they could have?
 

Christopher Giancarlo

Ex-head, CFTC

According to him, the lessons of history forced regulators to act quickly,

I believe it shows the power of markets to bring discipline to pricess.
 

Christopher Giancarlo

Ex-head, CFTC

Christopher Giancarlo resigned as CFTC chairman in April this year. Earlier this week, current department head Heath Tarbert said that regulated futures for Ethereum will also appear within six months or a year. He also does not rule out the launch of derivatives on other cryptocurrencies.