From CNBC: The digital currency has now more than tripled in value for the year, and gained about 15 percent in the first few days of August. Bitcoin has broken free of the trading range it’s held ever since reaching its prior record of $3,025 in mid-June.
Ari Paul, CIO of BlockTower Capital, attributed the gains to a relief rally after a “relatively uneventful” split, as well as new investors buying bitcoin.
“With SegWit activation and the hard fork in the rear view mirror, bitcoin buyers see a smooth road ahead for the next two months,” he told CNBC in an email, referring to a more popular upgrade proposal called Segregated Witness.
From Fortune: The creation of Bitcoin Cash was an orchestrated scheme, rushed to the point of engendering significant safety risks. Digital currencies just don’t spontaneously appear out of nowhere. The Bitcoin Cash fork was created by a developer that wanted to increase block sizes, with the hypothetical result being more transactions being processed on the blockchain.
From Bitcoin Magazine: Remember that time I said BTC-USD likely won’t see a new all time high (ATH) any time soon? Looks like I was wrong. Shortly after posting my previous BTC-USD analysis, in a matter of one hour, the price of BTC-USD not only broke its record high, but it surpassed it by $200 after ultimately settling in the $3200s. As of this morning, BTC-USD pushed another ATH of $3440 on Bitfinex marking a $600+ in less than a week. Let’s take a look at what these moves can possibly mean for BTC-USD and if these moves are sustainable.
From CoinTelegraph: Consumers are losing trust in major banks and financial service providers. Many institutional investors, traders and most millennials are moving toward Bitcoin and fintech due to the fraudulent activities and inefficiencies of existing banks.
From BusinessInsider: According to analysis by Dennis Porto, a bitcoin investor and Harvard academic, bitcoin’s price could hit $100,000 per coin if it continues to follow one of tech’s “golden rules” — Moore’s law. “Moore’s law specifically applied to the number of transistors on a circuit but can be applied to any digital technology,” Porto wrote in an email to Business Insider. “Any technology that is growing exponentially (i.e., ‘following Moore’s law’) has a doubling time.” By February 2021, Porto believes, it could be worth over $100,000.
From CoinTelegraph: Rumors are swirling about a trader with nearly unlimited funds who is manipulating the Bitcoin markets. This trader, nicknamed “Spoofy,” received his nom de guerre because of his efforts to “spoof” the market, primarily on Bitfinex.
From BusinessInsider: What explains this? Nautilus doesn’t offer a reason, but it does note that it could just be that bitcoin is a “barometer for animal spirits in the markets.”
In other words, when traders are going nuts about a highly-speculative investment like bitcoin, that same risk-loving attitude might turn up among the folks who trade stocks. What we can’t know from this is whether one affects the other, or if there’s something else driving strong demand for both.
From Fortune: Bitcoin will almost certainly remain a highly volatile asset, but its latest high reflects a major positive development. After years of heated debate over how to increase the Bitcoin network’s transaction capacity, major players have finally agreed on a compromise solution known as Segwit2x. That accomplishment is reassuring for those who may have begun to doubt the effectiveness of Bitcoin’s leaderless governance model.
From CNBC: Cryptocurrency skeptics warn of another dot-com bubble, but remember: That’s where Amazon and Google started.