Bitcoin's market continues to grow
Bitcoin's market continues to grow
There is a saying in the decentralised finance world and that's Those who build in the bear, profit in the bull and what that means in a nutshell is that many projects suffer in bear markets. It causes many to walk away and not continue which is understandable, given the hardship in receiving funding support from investors. Bull markets make everyone feel rich and they try to double their investments by taking more risks.
While it can appear that projects building in bull markets are winning, they often fall at the first sight of a bear market. But for many of the projects that commence in bear markets or continue to develop the rewards tend to be fruitful.
Bitcoin has been one of those digital currencies that people continue to build on no matter the period, although the building on Bitcoin is unlike many other projects in that people aren't "building" anything on it (other than lightning) but rather building their own projects to enable trading of Bitcoin.
Bitcoin's market accessibility continues to grow
LCH LTD has recently announced a partnership with GFO-X to enable LCH to provide clearing services for cash settled Bitcoin index futures and options contracts for GFO-X digital trading platform. Given the collapse of many crypto friendly banks this is a welcome move for Bitcoin which will struggle of liquidity and market access isn't quickly rectified.
The benefits of the partnership include LCH LTD being a UK based and regulated financial service provider which comes under the watchful eye of UK regulators.
Cash settled trading also greatly reduces the risk of potential banking collapses although given SVB's collapse was brought on by changes in interest rates and investments. Let's hope these new players have learned of possible past mistakes of other entities.
Bitcoin Market Grows
Bitcoin's value continues to rise hitting the highest price point since June 2022, although no where near 2021 prices the current value provides added hope that the bear market is finally over.
Further development from major financial firms continuing to provide access to the Bitcoin market to overcome the banking collapses provides added market confidence that Bitcoin isn't being left behind.
Is the crypto winter finally over and will 2023 see us breach $100k per Bitcoin? let me know in the comments section below.
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Please let me know! 😂
Projects like this one do bring hope for the future, including the stability of Bitcoin as an asset - and as the leader of an asset class. It's very interesting being a participant in an early development of what could comprise the world economy of the future.
There is continued interest in being able to invest in the digital asset and the more entry points, the more the token will grow in value. It is inevitable and while most things are pegged to it, it will lift everything up with it.
Exactly: getting the very first piece of cryptocurrency (Bitcoin inclusive) is arguably one of the biggest challenges in the industry, especially if there's an on-ramping and off-ramping process to fiat with the intent of maintaining anonymity. Overcoming that barrier will certainly increase worldwide usage.
It's nice to see some projects get the ok from regulators but I am skeptical if this marks the end of the crypto winter. The US is still hard at play trying to make sure crypto gets shutdown and I think more conviction/use-bases would be need to guarantee that it's out of the crypto winter.
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I think we're just seeing what we saw with the roll out of the internet. Where claims of an unregulated space and no government interference were made and now everyone needs a VPN to remain anonymous.
Bitcoin finally broke above $30k after getting rejected at $25k like 3 times this year, it would be strange if we just fell now. I think we can head to around $40k within 3 months and 100 in a year, and then have a period where it goes back down. Similar to the last cycle, we had a period before the halvening where it was cooling off.
with that being said I don't think we are making new lows this year at all.