The threat of halving, demand for greater processing power, and mining activities severely inflicted by old legacy systems couldn’t stop Bitcoin from rallying higher at the exchanges. The new Autumn month of October has started on a positive note for Bitcoin that almost recorded a 0.51% gain within the last 24 hours. The price of BTC has reached US$10,775 on the spot exchanges on the cryptocurrency trading platform up from the last trading-day value of US$10.621. This is a great sign for the investors who are willing to invest in Bitcoin and grab sizable benefits from their investments.
At one point, the market has certainly shown a bullish move due to a significant decline in the funding rate fee. At the moment, the funding rate fees have been showing a steady positive outlook which is very good for those who have invested in the market. The investors are going to be at the receiving side of the trade while investing in BTC. The prime reason for the sudden significant swing in the prices of Bitcoin has been because of the US-China Trade war and rising volatility of the dollar that has completely destabilized global trading.
The price trends have been heavily influenced further by the comments of the Chinese President testifying the prowess of blockchain and the reformation it can bring across various industries. At the same time, the crypto-whales have increasingly been injecting funds into the bitcoin market, a positive side for new players to come and grab their share from them nevertheless. With the expiry of trading contracts on a massive scale, funding rates have incentivized long-term holders and as anticipated, it could well go and reach the optimistic milestone of 0, standing at -0.0124% presently.
What Stays Ahead for Investors Now?
As the US economy is likely to fall into a recession phase as anticipated by top economists, the market has been driven to look forward to something that can promise stable consistent returns. As said by Micheal Conn, founding and managing partner of Quail Creek Ventures, “ the current turmoil in the global economy triggered by the CoronaVirus Pandemic and US-China Trade War will make cryptocurrencies as a mainstream portfolio for investments driving the demand.”
Perhaps, the FED in the US adjusting the Repo rates with respect to the trade war with China has further pressed the panic button for investors. As a result of these developments, they are focussing on new doors for further investment in cryptocurrency trading and this would incentivize cryptocurrency trading platforms to witness high volume and liquidity returning to the exchange for digital assets. At the moment, it will be wise to look for further fortification of positive sentiments in the crypto business until Bitcoin claims a majority of the market capitalization and penetrate further into the cryptocurrency trading niche segment.
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