HelenRush

Bitcoin: A Bubble To Burst?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Fasten your seatbelts, because this week there will be something interesting, including the OPEC’s meeting and the US and Eurozone’s inflation data.
Meanwhile, all the majors are keeping their ranges. The only exception is Bitcoin which has climbed to the new record highs. The currency skyrocketed to $9500 on the news that one of the largest South Korea’ commercial banks Shinhan is testing a virtual Bitcoin vault which is expected to be offered to clients till the mid-2018.
From the beginning of this year, this cryptocurrency has already added more than 900%. Of course, compared to Etherium’s +5000% is just nothing, but anyways. Today’s morning Bitcoin peeped into above the $9500 mark. We can see all the signs of a market bubble.
Of course, it may take a while for this bubble to burst, and we still don’t know the possible reasons. It will also may take a while before the market starts panicking and breaks into a run. What we see now is a growing popularity of the digital money, let’s say ‘crypto boom’. So, it will likely continue scrambling to the upside. The test of $10 000 mark is not ruled out, and we may see it this week.
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