Crypto News

2 Reasons Why Bitcoin’s 22% YTD Performance Is the Start of Something Massive

Bitcoin is up more than 22% to almost $9,000 in the first 15 days of 2020, the coin’s best start of the year surge since 2012. With institutional interest gaining traction, and adoption and name recognition on the rise, this decade looks promising for the leading cryptocurrency.
Reasons for Bitcoin’s Bull Run
Several factors are fueling Bitcoin’s bullish run. Global trading company CME Group launched options tied to Bitcoin futures this week, establishing a new vehicle for institutional investors to buy in to the digital currency.
Further, a survey of financial advisors showed that a higher proportion expect to allocate to digital currencies in 2020 than in the past. And 64% of advisors expect the price of Bitcoin to appreciate over the next five years, up from 55% of advisors in last year’s survey
“I think you’re going to see greater mainstream adoption,” Michael Conn, managing partner at Quail Creek Ventures, told The Wall Street Journal. “You can see this happening already with Fidelity and other institutional players moving into the space.”
Others, like Jeffrey Gundlach, CEO and CIO at DoubleLine Capital, recommended investors pile into Bitcoin in 2019 before its 95% surge through the year. He recently doubled-down and stated that he thinks the coin could nearly double its value by year-end:

“I think bitcoin’s going to go higher in the near term. I think it could go as high as $15,000 in 2020,” Gundlach said on his podcast last week.

Impact of Halving and Influx of Institutional Investors
Bitcoin investors are also hoping on the coin’s “halving” will lead to higher prices. The event is set to occur on May 12 and cut the amount of BTC awarded for blockchain mining in half. As the drop in coin reward goes from 12.5 coins to 6.25, the reduced supply entering the market from miners is likely to cause the price of the asset to rise. 
Yesterday NewsBTC reported that Fidelity Digital Assets (FDAS) — the cryptocurrency-centric arm of investment firm Fidelity — has entered a partnership with a London-based crypto asset firm Nickel Digital Asset management.
In a bullish move to expose digital assets to institutional investors in Europe, the partnership is designed to help address the lack of back-office services such as custody of cryptocurrencies among major financial providers.
Following Bitcoin’s run, smaller digital currencies like ETH and XRP are also up, gaining 25% and 20%, respectively, this month.
Bitcoin was trading at $8,750 per coin at the time of publication.
Featured Image from Shutterstock The post appeared first on NewsBTC.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Related Crypto News, a Safe, Fast and Reliable P2P Crypto Exchange, Launches Operations
While there are many crypto exchanges, fear of hacking and theft has slowly crept into crypto traders due to...
2020 Is Becoming the Year of Staking With Some Major Achievements
While both PoW and PoS have a lot to offer, this year, in particular, is promising to be a...
Community-Verified Oracle Platform Aims to Better Chainlink’s Accuracy
DeFi-focused oracle platform DIA is using crowd-sourcing to improve the accuracy of price oracles. Oracle platforms, which provide links...
Alleged Twitter Hack ‘Mastermind’ Owns $3 Million in Bitcoin, Bail Set at $725K
Regional reports from Tampa show that the alleged “Mastermind” behind the July 15, Twitter hack owns more than $3.3...
Bitcoin Market Cap Is Now Bigger Than Intel or Coca-Cola
Bitcoin overtakes Intel and Coca-Cola at a market capitalization of $205 billion. Amid a major bullish trend on cryptocurrency...
Volatility Data Suggests Bitcoin Price Drop to $10K Before Rally Resumes
Volatility metrics suggest Bitcoin price may revisit $10,000 before restarting the rally to a new 2020 high. A recent...

Featured Crypto News

Bitcoin Price Climbs to $11,200, But Three Factors Hint at a Pullback
The price of Bitcoin spikes to $11,200 but three key factors suggest that a short-term pullback is likely as...
Bitcoin Could Hit $12K on Ethereum-Tailing Behaviour: Analyst
Bitcoin is eyeing a breakout towards $12,000, according to crypto-chart analyst Josh Rager. The analogy appears out of Ethereum’s...
Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone
If you’ve been involved in the Bitcoin market over the past year, you know of PlusToken. PlusToken was a...
Ether Rockets 50% in 5-Year Anniversary Month: What’s Behind the Rally?
As Ethereum turns five years old, Ether is up 50% over the past month with two main catalysts driving...
This Simple Bullish Pattern Suggest Ripple (XRP) Could Surge Above $0.25
Ripple is up over 2% and it is showing positive signs above the $0.2400 resistance zone against the US...
Will Ethereum Overtake Bitcoin as the World’s Leading Token?
Ever since it was first released to the public in January 2009, Bitcoin has been the leading player in...