The Big Week: What to Expect from Bitcoin

(ORDO NEWS) — The capitalization of the cryptocurrency market for the first time exceeded the $ 3 trillion mark, according to CoinGecko data. The portal takes into account the indicators of 10 433 digital assets

Bitcoin has risen sharply tonight and is trading above $ 66,000 at 12:10 GMT. The jump occurred simultaneously with the announcement of the founder of Digital Currency Group and Grayscale, Barry Silbert, that “an important week” awaits us.

What exactly Silbert meant is still unknown. Last week, there were reports that the Digital Currency Group is selling stakes to investors such as SoftBank and Google for over $ 10 billion. Prior to this, Digital Currency Group’s valuation was unknown, as the company has only raised $ 25 million in capital since its founding six years ago.

Also, the Securities and Exchange Commission (SEC) of the United States confirmed the start of consideration of the application for the transformation of the world’s largest bitcoin fund managed by Grayscale into an ETF.

At the previous peak in mid-May, cryptocurrency market capitalization rose to $ 2.6 trillion, after which it more than doubled by mid-July.

The head of the analytical department of AMarkets Artem Deev recalled that a year ago, not everyone supported the talks about the growth of bitcoin to $ 100,000.

According to him, many investors were skeptical about such forecasts until the moment when bitcoin recovered after a drawdown to $ 28,800. Now the benchmark cryptocurrency is very confidently going up and looks capable of breaking the important psychological mark of $ 100,000, Deev said:

“Rapid growth is always followed by a correction. An asset cannot stay for a long time only at low levels or at a high value. A correction after $ 100,000 is inevitable, as investors’ expectations of the coveted mark will attract many.”

The expert believes that after Bitcoin reaches $ 100,000, many investors will begin to exit the asset, because they want to make money on overcoming an important psychological level by the cryptocurrency.


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