It has been a while since we saw a new all-time high price per bitcoin. Although the end of 2016 and early 2017 have been rather positive for the bitcoin price, things will heat up once the SEC make their decision public. As of right now, there is a big tug-of-war going on between bitcoin bulls and bears. The new ATH of US$1,350 did not last long, unfortunately.
Bitcoin Sets New ATH Before Big Retrace
It is impossible to tell what is going on in the bitcoin world right now. The value per BTC suddenly picked up at an accelerated pace, surging to US$1,350 on the Bitstamp exchange. That momentum did not last all that long, unfortunately, as the sell-off occurred briefly after. No one knows for sure what triggered this surge all of a sudden, but it is evident it could not last for very long.
Market speculators claim people have overbought bitcoin and pumped the price up in the process. It is true several large orders went through and seemed to stack on one another. The same can be said for various sell orders, though, as the sell-off came in quick success once the US$1,350 ATH was reached. Right now, one BTC is valued at US$1,250 once again, which is still a US$60 increase compared to this morning.
Considering how the SEC decision is expected to be made public at any given moment, there are those who feel this price momentum can be attributed to insider trading. It would seem odd to think some people know the SEC decision before they make it public. Then again, the financial sector is known for insider trading when big announcements are bound to shake up the industry as a whole.
What is rather intriguing is how this ATH was established across all, major exchanges at the same time. The USD, EUR, and CNY markets all shot up at the same time, which indicates this was a well-coordinated “approach” to push up the bitcoin price. No one knows who is behind this move or what they wanted to achieve, but rest assured a lot of people increased their portfolio by either buying bitcoin or selling it near the all-time high. A lot of money has been earned and lost in that crazy five-minute timespan.
One thing seems evident at this stage: regardless of what the SEC may decide, demand for bitcoin will not dwindle anytime soon. Nor should it, as bitcoin will continue to grow as an ecosystem regardless of what centralized institutions plan to do. Bitcoin itself cannot be regulated or controlled, although an ETF would open up the market to mainstream investors unlike anything that has ever been done before. What that would mean for the bitcoin price, remains anybody’s guess for the time being.
In the end, it appears bitcoin price volatility can still occur at any moment. After more than a week of bearish price momentum, a bull run was bound to happen sooner or later. It is possible we may see yet another new all-time high later today in the USD market, albeit it is too early to tell what may happen. All things considered, today is a very exciting day to be part of the bitcoin ecosystem, and things will only get more interesting over the next few weeks.