Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

China And Amazon Speculation Could Keep Bitcoin Bid

Published 01/11/2017, 01:41 pm
Updated 06/07/2021, 05:05 pm

Originally published by AxiTrader

(Bitcoin) has reached a fresh record high today after the world´s largest derivates exchange - CME Group (NASDAQ:CME) - announced to launch Bitcoin futures. This gives the cryptocurrency additional credibility, and has Bitcoin bulls hoping that the interest amongst institutional investors will now increase. The lack of bitcoin derivatives traded on reputable exchange has kept many professional investors on the sidelines.

There are other reasons which are keeping Bitcoin (BitfinexUSD) up these days, although there are only rumours at this point. Amazon (NASDAQ:AMZN) might soon announce that it will accept Bitcoin payments, which could give the cryptocurrency a decent boost. Further, there are rumours that China might lift the BTC ban in the near-future. This would make sense, as many Chinese investors still interested in Bitcoin trade on less reputable, risky exchanges. Having highly regulated exchanges within the country would certainly be of greater advantage.

From a technical perspective, the outlook for BTC/USD remains positive as well. Decent support can now be expected at the former resistance level around $6210.

Chart

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.