Published 19 Jul by CryptoDiffer Team

Highlights on BoxMining

“Daily: Bitcoin Shoots up 10% !! But Why??”

Source: (RUS)


Cryptomarket grows, BTC continues to take off and within an hour has risen by another 10%, to almost $ 7,500, having passed strong resistance at $ 6,800. Market capitalization has reached ~ $ 295 billion.

Altcoins do not lag behind and grow after the BTC. Among the best in terms of indicators were ARDR, XLM.

Forbes explains the reasons for the growth of Bitcoin (source):

  1. The new Chief Executive Officer of Goldman Sachs is friendly with respect to crypto-currencies. And he will replace Loyd Blankfein in October. Such changes in investment banks can lead to the achievement of investment in crypto-currencies.

  2. BlackRock creates a special unit for the study of cryptocurrency.

  3. Steve Cohen invests in a cryptocurrency hedge fund.

Positive comments about the ETF at Bitcoin in the SEC (source):

The US Securities and Exchange Commission reported that interest and positive comments are now almost 10 times higher than in January. This gives high hopes that eventually the ETF will accept, as well as open the market for new players who were previously only in the traditional stock market.

Elimination of shorts (source):

Let me remind you that shorts are taken with the shoulder, which can reach> x100. However, when the price rises, exchanges require that traders buy out BTC, and traders' deposits can not cover their losses. For example, more recently, the XBT shorts for ~$2 million have been liquidated. Now the shorts are being massively closed, which may well explain such a sharp rise in BTC.

Google Trends:

Trends of search queries for Bitcoin are an indicator of the health of the crypto-currency ecosystem, as well as a general interest in the active discussion of the BTC.

If you look at the annual graph, you can see a strong decline in the number of requests. To date, requests are only 7% of the annual maximum. But, interesting is the fact that over the last day the number of requests has increased 3 times and is not decreasing. This is a good indicator.