Bitcoin jumped by $1,200 today from circa $9,200 to a current price at the time of writing of about $10,400.
That’s on relatively high unfiltered trading volumes of $24 billion, with bitcoin rising by more than 10% in circa 15 minutes.
Bitcoin started rising at around 2PM London time. That’s roughly when west coast America wakes up, with USA perhaps feeling a bit bullish.
Then there’s an apparent turn by the public against both Trump and his Golman Sachs’ Treasury Secretary where cryptos are concerned:
The general feeling may well be that bitcoin has withstood yet another challenge, with Libra starting to become more of relevance to China – where they have no squeamishness about mixing social profiling with money – than cryptos:
Then of course there’s Bakkt, which we’ve all forgotten about amidst all this shitposting at congress and the whitehouse and all the grandpa lands.
There was some sort of technicality over custody regulations due to century old laws that can’t easily apply to digital cryptos, but they appear to have found a way around it by applying for Trust status at the New York Department of Financial Services.
Interestingly, there was recently an announcement by the Securities and Exchanges Commission (SEC) on the custody of digital assets, highlighting at length what the requirement may be and where they could be adapted to fit the digital nature of cryptos.
So institutional investors may now start entering this space as after two years some regulatory clarity is reached on the treatment of cryptocurrencies where investments are concerned.
Hence perhaps contributing to the jump of bitcoin which when zoomed out looks a bit like sidewaying if we take into account its volatile nature:
A swing of circa $5,000 between about $9,000 and $14,000 is perhaps not best described as sidewaying but an ace rollercoaster ride that only bitcoin can provide.
However, $14,000 is clearly big resistance which bitcoin is trying to overtake to clear the way for perhaps all time high.
If it does overtake it, then there would probably be a pitstop at $17,000, and then of course the big $20,000. After which we enter new terrain.
In the meantime, the cryptocurrency is clearly building up some tension as it plays table tennis with Donald Trump himself and his administration to see who is best at memes and shit-talking.
Bitcoin looks to have come on top for now as a new silly episode appears to have come to a close, but just how much on top, remains to be seen as crypto summer continues.