[2018-07-18] Cryptocurrency Rally Builds Steam as Bitcoin Surpasses $7,500

[ivanpoldark]

Cryptocurrencies extended their rebound on Wednesday as Bitcoin traded above $7,500 for the first time in a month, shrugging off security and regulatory concerns that have plagued the digital currency for much of this year.

Bitcoin climbed as much as 3.1 percent to $7,543, according to Bloomberg composite pricing. Rival cryptocurrencies including Ripple, Ether and Litecoin also advanced. Bitcoin remains more than 60 percent below its all-time high in December.

The cryptocurrency last traded above $7,500 on June 8, before getting caught in a sector wide sell-off that erased about $42 billion of market value the following weekend. Some observers pinned that retreat on an exchange hack in South Korea, while others pointed to lingering concern over a clampdown on trading platforms in China. Cryptocurrency venues have come under growing scrutiny around the world in recent months amid a range of issues including thefts, market manipulation and money laundering.

Advocates of the virtual currency did receive some good news this week, such as word that the CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its curriculum for the first time next year.

Read more: https://www.bloomberg.com/news/articles/2018-07-17/bitcoin-surges-after-breaking-back-through-7-000-level

[1715229572]

1715229572

[Slow death]

I did not even believe it when I saw a 10% increase, it's been months since we've seen this kind of increase, of course it means we're going back to the old days where good news was enough for the price to have big increases, but I expect that increase not something temporary and that we can have a steady increase in the next months and years

The cryptocurrency last traded above $7,500 on June 8, before getting caught in a sector wide sell-off that erased about $42 billion of market value the following weekend. Some observers pinned that retreat on an exchange hack in South Korea, while others pointed to lingering concern over a clampdown on trading platforms in China.

What does china have to do with the price? There were times when the news coming from China influenced the price, but today the news from China does not affect the price

[1Referee]

Counter dumb money, that's it.

I'm glad that I have taken the opportunity to buy sub $6000 levels last month, it was too tempting to not buy. I am however not selling anything so I technically don't benefit from current increase at all. It's not worth taking marginal profits anymore. I purely focus on large shorts and that's more than enough to build up my Bitcoin stack. I'll let the price go up and short just before the SEC is going to announce an approval or rejection.

The reason I am shorting is that even with an approval you have to deal with buy the rumor sell the news, especially with how the ETF itself won't roll out this year.

[Kemarit]

Counter dumb money, that's it.

I'm glad that I have taken the opportunity to buy sub $6000 levels last month, it was too tempting to not buy. I am however not selling anything so I technically don't benefit from current increase at all. It's not worth taking marginal profits anymore. I purely focus on large shorts and that's more than enough to build up my Bitcoin stack. I'll let the price go up and short just before the SEC is going to announce an approval or rejection.

The reason I am shorting is that even with an approval you have to deal with buy the rumor sell the news, especially with how the ETF itself won't roll out this year.

Good strategy. We should all learn from the Winklevoss ETF application and the subsequent denial of SEC, bitcoin really pump prior to the decision but its better to short before the actual announcement. Its a win-win situation, short it and take the profits, but don't sell everything, in case that its approved, you can still gain as well. So let's see how the price will go leading up to the day the SEC makes their decision. Hope for the best, but at least we prepare for the worst.

[aso118]

What does china have to do with the price? There were times when the news coming from China influenced the price, but today the news from China does not affect the price

That is true. It has been a couple of years since news about China has moved the Bitcoin market. Of course, if China does change its stance about Bitcoin, there could be a big rally.
I wouldn't attribute this rally to any thing in particular. It is time people stopped trying to over-analyze things.

[mazdafunsun]

I agree that China does did not have an impact this time.
I am actaully impressed how BTC has hold up and performed in the last week , because i was already mentally getting ready for another dump to 5000$ level, it seems that it could spike again in short term.