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Bitcoin Price Struggles to Hold Record Highs

Bitcoin Price Struggles to Hold Record Highs

2017-12-05 11:30:00
Nick Cawley, Strategist
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Talking Points

- Bitcoin struggles to break $12,000 and may move lower ahead of a new attempt.

- JP Morgan Chase now says that Bitcoin is gaining legitimacy, may become an emerging asset class.

The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

Bitcoin (BTC): $12,000 Continues to Prove Allusive; JP Morgan Chase U-Turn

The crypto-currency heavyweight continues to push higher, after last week’s sharp sell-off but momentum continues to wane as $12,000 heaves into view. BTC has gained over 110% since mid-November, despite last week’s sharp sell-off, and looks unlikely to break higher. One piece of news that may please buyers is the change in stance of Bitcoin bear JP Morgan Chase. The company’s CEO Jamie Dimon recently described BTC as a ‘fraud’ and a ‘bubble’ but the bank now seems to view Bitcoin in a different light. According to JP Morgan analyst Nikolaos Panigirtzoglou, the launch of BTC futures, via the CBOE and the CME, adds legitimacy to the space and will increase Bitcoin’s appeal to both retail and institutional investors alike.

He added, "In all, the prospective introduction of bitcoin futures has the potential to elevate cryptocurrencies to an emerging asset class. The value of this new asset class is a function of the breadth of its acceptance as a store of wealth and as a means of payment and simply judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here."

CME and CBOE were both given approval from the Commodity Futures Trading Commission (CFTC) to list Bitcoin futures on Friday November 1. The CBOE will list BTC futures on December 10 and the CME on the December 18. Nasdaq recently said that they will list BTC futures next year.

We discussed current BTC price action at last week’s Bitcoin webinar - if you would like to join us every Wednesday at 12:00pm for updated news and views, please click here.

Chart: Bitcoin (BTC) Daily Timeframe (August 1 – December 5, 2017)

Bitcoin Price Struggles to Hold Record Highs

Altcoin IOTA Soars, Market Capitalization Continues to Grow

The total crypto-currency market capitalization rose further Tuesday, hitting $354 billion, as the altcoin market joined in the heavyweight’s recent rally. In the last month IOTA (MIOTA) has jumped eight-fold to $3.21 after the company announced that it is collaborating with market heavyweight’s Microsoft, Cisco and Samsung. Dash (DASH) has jumped from $280 to a current level of $768 in the same timeframe, while Litecoin (LTC) has doubled in price to $102.

Market Moves/Top 8 Capitalizations – December 5, 2017

Bitcoin Price Struggles to Hold Record Highs

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH, you can create a Quick and Free Demo Account Here

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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