Bitcoin Bulls unleashed as Crypto begins to exchange good news

By NCC: Another day, a new record for the price of bitcoin. Bitcoin is currently trading at around $ 8,300 which, according to CoinMarketCap, represents a new peak of 2019 for the largest cryptocurrency. On Coinbase, the BTC price has already reached $ 8,300, although it has fallen slightly. Although this is not the first time that the price of bitcoin has exceeded this level historically, the market has stronger fundamentals that fuel gains this time around.

The excitement in the cryptographic community is palpable. Gemini co-founder Tyler Winklevoss said that "breaking this distance of 8 km seems to be very different from last time".

Bitcoin 8k break this time feels a lot different from the last time. So much progress has been made since then and it's only the bottom of the first run! ??

– Tyler Winklevoss (@tylerwinklevoss) May 16, 2019

Trader and analyst Luke Martin noted that bitcoin is reaching new heights "never gets old".

$ BTC to make new highs 2019. This could happen every day for the rest of the year and it would never get old.

– Luke Martin (@VentureCoinist) May 16, 2019

Finally! Bitcoin Price is trading on good news

One of the frustrating themes of 2018 was that the BTC price ignored signs that the industry was becoming stronger as developers continued to "build." 2019 is a completely different story. Now that bitcoin is approaching $ 10,000, Tom Lee of Fundstrat has suggested that it would attract more attention from traditional investors outside the cryptographic space. He told CNBC:

"It's really important, because this new interest in crypto-managed can really push bitcoin to the top."

#Bitcoin YTD> 100%

If a family office / institutional investor had 2% #crypto allocation (lowercase) …

Bitcoin would have added 200bp to the overall portfolio yield.

STAGGERING (only the first 5 months of 2019). Another argument for Crypto to be adopted as a #asset class https://t.co/PTnHBQIwmv

– Thomas Lee (@fundstrat) May 13, 2019

No shortage of catalysts

Bitcoin bulls have many reasons to be fully present. As Lee told CNBC, Fundstrat Lee, the price of BTC has been steadily increasing since November 2018. But in recent weeks, earnings have become "more parabolic". The stars have aligned themselves with the price of bitcoin for several reasons, the most important of which are the geopolitical tensions between the United States and China. Not only have these conditions made Bitcoin more attractive to investors than ever because of its uncorrelated nature with equities, but bitcoin has become the "safe haven" investment, according to Anthony Pompliano, co-founder of Morgan Creek Digital. He tweeted:

"JPMorgan tells people that the trade war between the United States and China could boost safe haven currencies. Bitcoin is the best safe haven in the world. Nervous about global chaos? Buy the strongest non-sovereign currency.

JP Morgan tells people that the trade war between the United States and China could boost safe haven currencies.

Bitcoin is the best safe haven in the world.

Nervous about global chaos ??

Buy the strongest non-sovereign currency.

– Pomp (@APompliano) May 15, 2019

The catalysts are not lacking, really. The regulated futures market BTC Bakkt has clarified its imminent launch, which will likely free up the institutional capital of the sideline. And the Gemini crypto exchange has propelled bitcoin into the spotlight by allowing thousands of merchants to accept cryptocurrency as a means of payment. While investors may be struggling with a sale in May and a departure on the stock market, bitcoin seems to be just starting.