Traders love trading Bitcoin because we think it survives every obstacle. Every time there are rumors, or speculations, Bitcoin goes down and then it comes up with strong support. Following are few events in recent months which demonstrate that:
- August 1st 2017, 1st bitcoin fork, Bitcoin Cash (BCH) – Everyone thought Bitcoin will go down but Bitcoin marched about $4000 level 1st time after Bitcoin Cash was announced.
- Ban on Bitcoin from China and South Korea – Most cryptocurrency trading happened on Chinese exchanges and with ban from China on trading and ICO’s, it was difficult future. However, other countries tookt he leadership and Bitcoin went below $2000 and came back up.
- Recent Comments from banking leaders, such as Jamie Dimon.
- “Enron in Making” Saudi billionaire Prince Alwaleed’s comment in recent CNBC interview
- November 23rd, 2nd Bitcoin Hard fork, Bitcoin Gold (BTG) – Trying to level set Bitcoin mining monopoly to regular users with CPU and GPU mining, but not much support form Bitcoin community. Uncertainty, got Bitcoin down for few days, but it is already backup and soaring towards $6000 (at the time of this writeup current Bitcoin price is – $5955)
Traders also love support from industry leaders and Technologist who are long on the crypto currency. Billionaire venture capitalist Tim Draper, Venture capitalist Chamath Palihapitiya, Harvard Professor Lawrence Summers, Overstock.com CEO Patrick Byrne and so many others.
Here is Trading Volume mid-day today:
But all in all, Year 2017 will be definitely known for “Bitcoin Year”.