Bitcoin Update June 2020: Bitcoin next week on stock market!
Bitcoin on stock market? Grayscale buying more and more Btc! Bitcoin soon at 20k?
Some analysts believe that Bitcoin (BTC) will rise to $ 20,000 by the end of the year. The reason is, among other things, the growing interest of institutional investors and the listing of bitcoin on the stock market.
Blockstream CEO Adam Back believes that Bitcoin will be worth $300,000 in 5 years anyway with or without the help of institutional investors.
Adam Back is a British businessman and cryptographer, and cypherpunk. Back corresponded with Satoshi Nakamoto and was cited in the Bitcoin whitepaper.
Bitcoin must first assert itself in the currently difficult market environment.The number of unemployed and short-time workers due to the corona crisis is increasing worldwide, making institutional investors who can continue to invest more important. This group of investors seems to be doing just that.
Bitcoin soon on all German Stock Exchanges
The British ETC Group plans to launch a product called “Bitcoin Exchange Traded Crypto” (BTCE), the launch will start on the German Stock Exchange Xetra.
Xetra is an all-electronic trading system, based in Frankfurt, Germany. Launched in 1997 and operated by the German Stock Exchange.
“The world’s first Exchange Traded Cryptocurrency (ETC) with central processing”.
-British ETC Group
The exchange traded cryptocurrency (ETC) tracks the price of Bitcoin and is 100% physically backed, providing investors with a safe and transparent way to gain exposure to Bitcoin. The Bitcoins are stored at the BitGo Trust, a licensed depository in the USA.
BTCE brings the transparency and investor protection that regulators and institutional investors need to the Bitcoin world.
Bradley Duke - CEO of the ETC Group
Concerns about security, complexity, accessibility and governance held the cryptocurrency market back.
That may change now:
“With BTCE we bring Bitcoin into the world of regulated financial markets. Investors get the benefits of trading and owning Bitcoin through a regulated security. ”
The financial supervision BaFin has already approved the offer prospectus, according to the ETC Group.
The German Newspaper “Handelsblatt” wrote:
Trading in BTCE could start as early as next week. They are working on the final admission, information from the headquarters of the German Stock Exchange.
You can find the German “Handelsblatt” article here
For ETC Group, Frankfurt should only be the first stop: BTCE should
“be approved for distribution in all major European ETP markets over time”
on the other side of the world:
Grayscale bought more Bitcoins than the Bitcoin miners were able to mine
According to Grayscale data analyst Kevin Rooke on Twitter:
Grayscale bought 18,910 Bitcoins (BTC) for its Bitcoin Trust (GBTC) since halving, while Bitcoin miners were only able to generate 12,337 BTC in the same period (graphic below). Grayscale bought these coins in response to customer demand for its Bitcoin Trust (GBTC).
I evaluate this data as a positive signal, recently Grayscale continuously bought more Bitcoins (BTC) on the market than the Bitcoin miners were able to mine again. However, these Bitcoin purchases were still not enough to raise Bitcoin well above the $ 10,000 mark.
I think the chances are increasing every day that Bitcoin (BTC) will break out of the long-term downtrend.
The market environment is right, so Bloomberg analysts expect Bitcoins outlook to develop as it did in 2016. By the end of the year, Bitcoin (BTC) could climb to a new record high of around $ 20,000, at least the Bloomberg analysts believe that. In addition, on-chain data suggests strong support at $8,000 and the number of “addresses used” has recently climbed to a 2-year high.
Before we see a new annual high or record high, Bitcoin (BTC) must overcome the long-term resistance. This would be the case if Bitcoin closed above the $10,500 mark on a weekly basis and could also hold its price above the $10,000 mark in the following days.
Overall, I am very happy with the development of bitcoin and believe if we break the 10k level and hold it that we may see a new all-time high this year.
Venezuela government is officially taking bitcoin as payment for passports.
Another Bullish sign is that countries are starting to accept BTC.
What do you think will we crack the 20k this year? Write your forecast into the comments!
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