The Bitcoin price has increased more than $ 1,000 over the last 24 hours and is well on its way to surpassing the $ 19,000 mark.
Bitcoin’s second most popular keyword on Google in 2017
Google, the world’s most widely used search engine, has announced that Bitcoin was the second most important keyword on its platform in 2017.
As demand for Bitcoin among both casual investors and retailers has increased over the past 12 months, bitcoin popularity has increased proportionally in search engines and social media platforms.
While the recent rise in the bitcoin price was due to a variety of factors, the two drivers behind the rise in the bitcoin price were likely the expectation of the December 18 CME timeline for Bitcoin futures and the strong performance of alternative crypto currencies within the last week.
Given that cryptocurrency spasms are almost always associated with bear cycles, traders are likely to expect prices of other cryptocurrencies such as Ethereum, Bitcoin Cash, Ripple, and Litecoin to fall short in the short term, taking their recent meteoric rise into account.
As the creator of Litecoin, Charlie Lee, explained, “Every Crypto Bull Run I’ve seen was followed by a bear cycle, the market needs time to consolidate, this is just my experience of 7 years of watching this space TBD is low and how long it will be, and people need to be aware of this opportunity and invest responsibly. ”
The Chicago Board Options Exchange (CBOE), the world’s largest market for options exchanges, has successfully debuted on December 14 with the listing of Bitcoin futures. Therefore, the global financial market expects the launch of CME’s Bitcoin futures exchange just two days from today.
At the time of reporting, Bitcoin trades on CBOE at a high premium of $ 500 at nearly $ 19,000.
Effects of the Bitcoin Futures List of CME
Last month, major hedge funds and investment firms, including the $ 100 billion Man Group, have officially announced their plans to invest in Bitcoin and to engage in the cryptocurrency market after completing CME’s bitcoin futures listing.
Since large hedge funds have minimum investment amounts and thresholds of several hundred million dollars, the entry of leading investment firms at the end of the year would bring billions of institutional funds into the bitcoin market.
Michael Novogratz, a billionaire investor and former manager of the Fortress, said the massive influx of capital into the cryptocurrency market and global exchanges will further drive the price of cryptocurrencies like Bitcoin in the short term.
“The purchase seemed indiscriminate this week, and with so much money going on the stock exchanges worldwide, the market continues to go up,” said Novogratz.
Peter Brandt, a lifelong trader and a highly respected Bitcoin analyst, was optimistic about the launch of CME Bitcoin futures contracts on Sunday. He wrote:
“CME Bitcoin Futures contract will start on Sunday, with an initial margin per contract that will be $ 45,000 north.”