Bitcoin economic news digest
Unexpectedly, for many this year, bitokin became a stronghold of stability amid social and economic surprises. A variety of factors have led to a significant increase in the cost of Bitcoin this year. One of the first reasons was the instability of the Chinese markets, in connection with which Bitcoin acquired a new self-identity - a quiet harbor in a stormy ocean of fiat finance. The recent Brexit only strengthened the position of Bitcoin in the new status.
However, there are other, not so obvious reasons pushing the price of bitcoin up, which, according to Forbes , can lead to a threefold increase in the cost of bitcoin transactions in the current year.
Forbes refers to the report of the British company Juniper Research, which specializes in identifying and supporting fast-growing market segments. According to forecasts, the total value of bitcoin transactions will exceed $ 92 billion before the end of the year, which will indicate a growth of 240% compared to 2015. the year when bitcoin turnover was estimated at 27 billion.
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At the time of the referendum on Brekzit, its value reached $ 780. Britain’s decision to leave the EU knocked the markets out of economic turmoil, pushing alternative assets to grow. Analysts of the British broker IG Group suggest that by December the cost of bitcoin could rise to $ 900. The head of the analytical department of IG Group, Chris Bush and analyst Josh Mahoney, consider the scenario in which bitcoin will grow by 35-40% compared with today's indicators is quite likely.
According to Bloomberg news agency, last week, the volatility of the pound for some time exceeded the bitcoin volatility. Against the background of the British pound, which this year showed the most negative dynamics against the dollar among 31 world currencies. Bitcoin may well be considered a reliable investment.
However, economic upheavals are likely to affect not only European currencies. According to analysts, voiced by the BBC , Trump's possible victory in the presidential election will be like an earthquake for the entire global economy and will significantly increase the political and currency risks for the United States. According to experts, Trump’s coming to power will have significantly more serious consequences than Britain’s withdrawal from the European Union or military clashes in the South China Sea. The US Department of Economic Development assessed the consequences of Trump's victory in the elections at 12 points out of 25 possible, according to their scale of risks of economic destabilization - the same number of points were received by ISIS attacks. However, in order not to be too alarmist-minded, we note that the chances for Trump to win themselves are much lower. This study only shows that there are no invulnerable currencies - both the pound and the dollar, under certain circumstances, are very disappointing ways.
Bitcoin has just experienced a halving, which means that the number of bitcoins produced has halved, thereby increasing the rate of foreign exchange reserves within the system. This trend is the exact opposite of what happens with fiat currencies, in pairs with which bitcoin is traded, as a result of which many bitcoin enthusiasts expect a rise in the value of bitcoin relative to fiat.
In the first six months of 2016, bitcoin trading volumes on Brazilian cryptocurrency exchanges exceeded the same indicators of cash gold on the Sao Paulo Stock Exchange (BM & F BOVESPA). According to Fee.org, in the first half of 2016 at specialized cryptocurrency exchanges the volume of Bitcoin trading exceeded 164 million reais (about 47 million US dollars), while the total amount of registered contracts for the purchase of gold on the Stock Exchange of Sao Paulo, the largest exchange Latin America, amounted to about 153 million reais (about 44 million American).
At the same time, in June, Bitcoin trading volumes at least doubled the contracts for precious metals, confirming the unprecedented interest in cryptocurrency in Brazil.
Despite the fact that on a global scale gold trading volumes still significantly exceed Bitcoin, the situation in Brazil nevertheless indicates that Bitcoin is increasingly viewed by investors as an attractive option for asset allocation.
Analytical company MarketWatch recently published a report, the essence of which boils down to the fact that 2016 was a good year for bitcoin bulls, and the cryptocurrency again reached the growth rates two years ago. Technical analysis of growth charts is encouraging and, according to experts, suggests that the cost growth is likely to continue. According to the main market analyst at MKM, Jonathan Krinsky, the established pattern is a consequence and a logical continuation of a long period of consolidation and promises to be a long-term trend, not a one-time jump. The graph shows an approximation of the moment of a breakthrough, and taking into account the current state of technical indicators, the chances of upward movement are much higher, analysts at Marketwatch believe.
The foreign exchange market reflects reality and is currently the best indicator of economic realities. No one knows exactly what indicators Bitcoin can achieve this time, taking into account all the uncertainties that are not subject to rigorous mathematical calculations, but the halving that has occurred, global trends and technical analyzes of the course suggest that we are at the beginning of an upward wave. At the time of publication, the cryptocurrency is trading at around $ 675 .
Mine is not too late:
However, there are other, not so obvious reasons pushing the price of bitcoin up, which, according to Forbes , can lead to a threefold increase in the cost of bitcoin transactions in the current year.
Forbes refers to the report of the British company Juniper Research, which specializes in identifying and supporting fast-growing market segments. According to forecasts, the total value of bitcoin transactions will exceed $ 92 billion before the end of the year, which will indicate a growth of 240% compared to 2015. the year when bitcoin turnover was estimated at 27 billion.
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Trump, Brexit and other shocks
At the time of the referendum on Brekzit, its value reached $ 780. Britain’s decision to leave the EU knocked the markets out of economic turmoil, pushing alternative assets to grow. Analysts of the British broker IG Group suggest that by December the cost of bitcoin could rise to $ 900. The head of the analytical department of IG Group, Chris Bush and analyst Josh Mahoney, consider the scenario in which bitcoin will grow by 35-40% compared with today's indicators is quite likely.
According to Bloomberg news agency, last week, the volatility of the pound for some time exceeded the bitcoin volatility. Against the background of the British pound, which this year showed the most negative dynamics against the dollar among 31 world currencies. Bitcoin may well be considered a reliable investment.
However, economic upheavals are likely to affect not only European currencies. According to analysts, voiced by the BBC , Trump's possible victory in the presidential election will be like an earthquake for the entire global economy and will significantly increase the political and currency risks for the United States. According to experts, Trump’s coming to power will have significantly more serious consequences than Britain’s withdrawal from the European Union or military clashes in the South China Sea. The US Department of Economic Development assessed the consequences of Trump's victory in the elections at 12 points out of 25 possible, according to their scale of risks of economic destabilization - the same number of points were received by ISIS attacks. However, in order not to be too alarmist-minded, we note that the chances for Trump to win themselves are much lower. This study only shows that there are no invulnerable currencies - both the pound and the dollar, under certain circumstances, are very disappointing ways.
Bitcoin Halfing and Course
Bitcoin has just experienced a halving, which means that the number of bitcoins produced has halved, thereby increasing the rate of foreign exchange reserves within the system. This trend is the exact opposite of what happens with fiat currencies, in pairs with which bitcoin is traded, as a result of which many bitcoin enthusiasts expect a rise in the value of bitcoin relative to fiat.
Brazilian Gold and Bitcoin
In the first six months of 2016, bitcoin trading volumes on Brazilian cryptocurrency exchanges exceeded the same indicators of cash gold on the Sao Paulo Stock Exchange (BM & F BOVESPA). According to Fee.org, in the first half of 2016 at specialized cryptocurrency exchanges the volume of Bitcoin trading exceeded 164 million reais (about 47 million US dollars), while the total amount of registered contracts for the purchase of gold on the Stock Exchange of Sao Paulo, the largest exchange Latin America, amounted to about 153 million reais (about 44 million American).
At the same time, in June, Bitcoin trading volumes at least doubled the contracts for precious metals, confirming the unprecedented interest in cryptocurrency in Brazil.
Despite the fact that on a global scale gold trading volumes still significantly exceed Bitcoin, the situation in Brazil nevertheless indicates that Bitcoin is increasingly viewed by investors as an attractive option for asset allocation.
Graph analysis promises rapid growth.
Analytical company MarketWatch recently published a report, the essence of which boils down to the fact that 2016 was a good year for bitcoin bulls, and the cryptocurrency again reached the growth rates two years ago. Technical analysis of growth charts is encouraging and, according to experts, suggests that the cost growth is likely to continue. According to the main market analyst at MKM, Jonathan Krinsky, the established pattern is a consequence and a logical continuation of a long period of consolidation and promises to be a long-term trend, not a one-time jump. The graph shows an approximation of the moment of a breakthrough, and taking into account the current state of technical indicators, the chances of upward movement are much higher, analysts at Marketwatch believe.
The foreign exchange market reflects reality and is currently the best indicator of economic realities. No one knows exactly what indicators Bitcoin can achieve this time, taking into account all the uncertainties that are not subject to rigorous mathematical calculations, but the halving that has occurred, global trends and technical analyzes of the course suggest that we are at the beginning of an upward wave. At the time of publication, the cryptocurrency is trading at around $ 675 .
Mine is not too late:
Source: https://habr.com/ru/post/372505/
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