Friday, 19 May 2017

Bitcoin Price at ₦736K ($1,934) All-Time High, Led by US, Set to hit ₦762K ($2,000)

After maintaining a solid momentum for three straight days, Bitcoin price has established a brand new all-time high at ₦736K ($1,934). This is brought about by the US Bitcoin exchange market and the rise in demand for Bitcoin amid severe political uncertainty.

Earlier today, BuyBitcoinsInNigeria reported that US stock exchanges, bonds and assets plunged amidst troubles surrounding the Trump administration.

Evercore ISI Executive Dennis DeBusschere specifically emphasized the Trump-Comey memo incident is the catalyst for market turbulence.
Bloomberg also reported that the Democratic party has begun covers impeachment, which generated another decline in the Dow Jones Industrial Average, which fell by a lot more than 370 points yesterday.

“What's been setting in within the length of the day is that political uncertainty is something that's likely to be around for a substantial number of time. We might be taking a look at a greater volatility backdrop with a trending lower market for the following couple of weeks,” said DeBusschere.

The demand for Bitcoin in the US is rapidly increasing as a result of wide regard of Bitcoin as a secure haven asset, alongside gold. In reality, prominent gold investors including Mike Maloney have urged investor and traders to keep Bitcoin within their portfolios as a mandatory asset to prevent market turbulence and economic certainty.
These are Bitcoin's high liquidity, transportability and decentralized nature, Maloney stated:
I don't own plenty of cryptocurrencies but I believe it is something that's required to prepare yourself because if the monetary system fails, you'll manage to do transactions straight away with others and you are able to do them over long distances. You are able to do them within the Internet the same way you pay along with your bank card today.”

Sustained momentum

The upward trend and momentum of Bitcoin price might be sustained and stabilized if the demand for Bitcoin in the US and Japanese Bitcoin exchange markets continue steadily to increase. It's evident that the demand for Bitcoin in the Japanese exchange market is rising rapidly simply because price. Bitcoin has been traded at a top premium of ₦736K ($1,934), an amount that's a lot more than 39,000 ($100) more than that of the US and European exchange markets.

As DeBusschere explained, the US stock markets and the economy could struggle in recovering over the following couple of months, that is enough time period for Bitcoin price to stabilize and maintain its momentum.

However, some investors including Tony Roth, chief investment officer at Wilmington Trust, stated that when the economy holds up, Trump troubles and other political incidents is likely to be absorbed to recoup market stability.

"Even though we've a large, prolonged mess in Washington, it's not likely to necessarily hurt the economy. So long as the economy  holds up, I do believe industry will probably brush off what's going on in Washington,” said Roth.

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