Posted in: Archive
Published:
July 25, 2018 1:33 AM UTC

Newsflash: Bitcoin Price Pierces $8,500, Extending Bull Run Further

Fundstrat founder Tom Lee's prediction that the bitcoin price would see "new highs in July" appears unlikely to materialize, but there's no denying that the market has been showing signs of emerging from the seven-month bear market that drove cryptocurrency valuations down approximately 70 percent…

Fundstrat founder Tom Lee’s prediction that the bitcoin price would see “new highs in July” appears unlikely to materialize, but there’s no denying that the market has been showing signs of emerging from the seven-month bear market that drove cryptocurrency valuations down approximately 70 percent from their mid-December peaks.

Tuesday evening, that rally took another step forward, as the bitcoin price barreled through $8,500 for the first time since May 21. On Bitfinex, the flagship cryptocurrency marched past this threshold at approximately 23:45 UTC, ultimately inching up to $8,503 before ebbing back to a present value of $8,446.

BTC/USD | Bitfinex

Many analysts have attributed the market’s bull pivot to an uptick in interest from institutional investors, as evidenced by both hard data and anecdotes. To date, the cryptocurrency market has been largely retail-driven, and insiders such as Abra CEO Bill Barhydt have said that “all hell will break loose” once institutions begin taking this ecosystem seriously.

Cautious observers, on the other hand, fear that the market has already priced in a bitcoin ETF approval on the part of U.S. regulators, an event that has not yet occurred and remains far from guaranteed — at least in the short-term. If the Securities and Exchange Commission (SEC) asks another round of crypto ETF applicants to withdraw their applications or even issues flat-out denials, it could give the bears a chance to find their footing.

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Last modified: January 24, 2020 11:03 PM UTC

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN.com, where he focuses on financial markets. He has written over 2,000 articles since joining CCN.com in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Email him directly at josiah.wilmoth(at)ccn.com.

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