On July 8th, the cryptocurrency market rose across the board. The price of the top 100 cryptocurrencies almost increased by market value, and Bitcoin price was close to 7,000 US dollars. At present, the bitcoin price is $6,755 showed by the Live Market of Bitcoin chart, and Bitcoin is trying to start a third rebound in the week.
Since the bottom of the $5700, Bitcoin has started a small rebound, but because we are still in a bear market, and the transaction volume has not risen significantly, so unlike the bull market, there will be no sudden bursts of a few hours. But in a certain period of time, Bitcoin will definitely be bullish to $7000, and the time will not be too long. There are 3 reasons for that.
1.First, Coinbase just showed off its new service in the name of Coinbase Custody. This new service is aimed at institutional investors and high net worth individuals who need to securely store their digital assets. This means that billions of dollars from Wall Street will flow into the encryption market, and Coinbase provides a secure path to this.
2.The second reason for the bitcoin bullish is the ongoing regulatory progress on the encryption king. The US Securities and Exchange Commission has announced that bitcoin is not a security. Therefore, this paves the way for institutional investors to buy it in the conventional encryption market.
3.The third reason is that the Chicago Board Options Exchange global market has applied to the US Securities and Exchange Commission for a new Bitcoin ETF license application. Although the US Securities and Exchange Commission has announced that they will not directly regulate BTC, ETFs are marketable securities that can track indices, commodities, bonds or a basket of assets. This means that the ETF can track the price of the encrypted index that contains the BTC.
Therefore, BTC will develop prosperously, and the breakthrough of the $ 7,000 mark is just around the corner. You will see the Live Market of Bitcoin chart goes up overall.