Bitcoin Breaks $6000, Sets an Alltime New High

On 20 October 2017, Bitfinex, the highest volume BTC/USD exchange, broke the $6,000 barrier. For the first time ever, the price of Bitcoin had reached $6,041 causing its market capitalization to exceed $100 billion. The sudden hike took place after a week of consolidation over the $5,000 mark. China and South Korea has banned ICOs while US deals with scrutiny of ICOs. Bitcoin is anti-fragile about China’s decisions and bank CEO’s. All it cares is about the price hike and adoption.

credit: coinmarketcap

LedgerX was approved recently and schedule to debut this month by the Commodities Futures Trading Commission to regulate the flow of institutional money to the Bitcoin market. This regulated Bitcoin options market can bring caution to the institutions holding the actual digital currency.

In the future, industry executives expect approval of a Bitcoin exchange traded fund (ETF). It’s only a matter of time before the SEC gets on board and allows an ETF to be created as LedgerX has been approved by CTFC. ETFs are required so that it would be easy for institutional and retail investors to use.

85% of miners still plan to go with the rapidly approaching SegWit2x hard fork but defects such as F2Pool and statements from exchanges like Bitfinex and Coinbase have convinced the investors that the hard fork will hardly happen.

CEO Bharath Rao commented on SegWit2x that whatever chain the miners and businesses ultimately support will mostly be successful, though it hardly predicts user’s actions. Rao believes that when a winner emerges from a fork, the marketplace will assume the controversy is ended. The market will likely continue to act favorably if Bitcoin’s scaling crisis is finally resolved this November.

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