Bitcoin bulls, Tom Lee, almost doubled his price expectations for bitcoin, from a price of $25,000 to $15,000 at the end of the year. It is unclear whether the market will return to the 5-digit level, but in this current context it is enough to reach this price.
For example, the Bitcoin Exchange Fund (Bitcoin ETF) will remain closely related to the future development of Bitcoin. The US Securities and Exchange Commission (SEC) has rejected nine Bitcoin ETF applications, but one is still under review and the SEC will make a decision by the last quarter of 2018. The ETF applicant VanEck is confident in this approval, so
Bitcoin speculators have enough positive sentiment to keep the market running before that.
Similarly, large organizations are introducing encryption products to cater to the needs of large investors. Fidelity, the NYSE parent company
Intercontinental Exchange (ICE), Galaxy Digital, the traditional giants that join the list of cryptocurrency industries are growing. Well-known market researcher Alex Kruger said that only Wall Street injected $5.9 billion into the cryptocurrency industry. These investments take a while to blossom, but in the long run, they will thrive.
In 2017, in just 33 days, the market value of the Bitcoin market increased by billions of dollars. During this period, the value of Bitcoin against the US dollar soared from $5,500 to $19,000. This happens because of the high degree of speculation. Although speculation exists, it is more realistic that short-term declines may scare off day traders, but long-term speculators remain on the sidelines.