Bitcoin Price Soars by More Than 20 Percent in Strong Week

Sunday, July 22, 2018 4:01 PM UTC

Sunday, Jul. 22, 2018 4:01 PM UTC

Bitcoin enjoyed a strong week of trading, and some investors are now convinced the cryptocurrency will soon eclipse the highs seen in 2017.

<p>Cryptocurrency investors enjoyed a great week as Bitcoin’s value soared past the $7,500 mark for the first time since early June. Bitcoin spent the weekend trading between $7,400 and $7,600, an increase of more than 20% in just one week. Ethereum also posted marginal gains but then failed to hold above $500, while Litecoin struggled, making Bitcoin the star performer over the past week. Bullish backers are now predicting vast gains in the months ahead as they try to generate a return to the highs of 2017.</p><p>Bitcoin bull Tom Lee went on Bloomberg to reaffirm his belief that Bitcoin will reach a record high of $25,000 before the end of the year. He argued that traditional institutions such as banks will begin to pile into the cryptocurrency space as they see “lucrative” business opportunities arise. Gabor Gurbacs, director of digital asset strategies at VanEck/MVIS, said investors will be lured away from gold and toward Bitcoin as the price increases.</p><p>“Gold today has around $7 trillion outstanding,” he said. “If you take, say, 5% to 10%, I’ll let everyone do the math, Bitcoin has upside. Bitcoin is used as digital gold today. It’s a de-risk asset. Basically if someone wants to outlay systematic risk, then one would go to access gold or digital gold – Bitcoin.”</p><p>Prominent investor Samuel Leach agreed, adding: “Bitcoin will run alongside fiat much like gold. I cannot see us getting rid of fiat currencies – these transitions take so much time, particularly when the adoption rate of such technologies is so low among the 60-plus age group. I see crypto being used the most by younger generations who want full control of their money.”</p><p>Others believe its future is as a currency. Online retailers such as Expedia and Shopify have started accepting Bitcoin as a form of payment. Sportsbooks are early adopters, but more businesses are getting on board. This could lead to a future where Bitcoin is the new global currency, fully replacing existing fiat currencies such as dollars and euros, but that is decades from happening. <a href="https://www.sportsbookreview.com/betting-odds/" title="Sports Betting Odds">Many remain skeptical about cryptocurrency’s future</a>, and some believe Bitcoin will die before too long.</p><p>[/]{"component": "embedHTML", "code": "&lt;blockquote class=\"twitter-tweet\" data-lang=\"en\"&gt;&lt;p lang=\"en\" dir=\"ltr\"&gt;Uk dedective Can’t ‘Hodl’: &lt;a href=\"https://twitter.com/hashtag/SurreyPolice?src=hash&amp;amp;ref_src=twsrc%5Etfw\"&gt;#SurreyPolice&lt;/a&gt; has officially become the first UK &lt;a href=\"https://twitter.com/hashtag/policeforce?src=hash&amp;amp;ref_src=twsrc%5Etfw\"&gt;#policeforce&lt;/a&gt; to effectively seize and convert &lt;a href=\"https://twitter.com/hashtag/bitcoin?src=hash&amp;amp;ref_src=twsrc%5Etfw\"&gt;#bitcoin&lt;/a&gt;. Last year in April, Surrey Police seized 295 &lt;a href=\"https://twitter.com/hashtag/bitcoins?src=hash&amp;amp;ref_src=twsrc%5Etfw\"&gt;#bitcoins&lt;/a&gt; held by now-convicted criminal Seregjs Teresko. The police… &lt;a href=\"https://t.co/TQBLSJUCTL\"&gt;https://t.co/TQBLSJUCTL&lt;/a&gt; &lt;a href=\"https://t.co/beswBLsPcK\"&gt;pic.twitter.com/beswBLsPcK&lt;/a&gt;&lt;/p&gt;— Larry 'Coiny' Evans (@bitcointens) &lt;a href=\"https://twitter.com/bitcointens/status/1020908317168635904?ref_src=twsrc%5Etfw\"&gt;July 22, 2018&lt;/a&gt;&lt;/blockquote&gt;\n&lt;script async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"&gt;&lt;/script&gt;\n"}[/]</p><p>Negative press also continues to pour cold water on price rises. Police in Surrey, England, just seized $1.6 million worth of Bitcoin from criminal Serejgs Teresko. He pleaded guilty to money laundering, cultivation of cannabis and the possession/control of articles for use in fraud after police found a cannabis factory at his property last year. Detective Inspector Matthew Durkin said: “It appears Teresko was a member of an organized crime group and Bitcoin was one of the methods he chose to launder criminal assets.” Surrey police said it was the first UK law enforcement agency to convert Bitcoin into Sterling and confiscate the money.</p><p>But Bitcoin has had to deal with far worse press than this over the past couple of years and it continues to roll with the punches. On medium term charts, it has bottomed out and <a href="https://www.sportsbookreview.com/picks/more-sports/" title="Free Sports Picks">that should spell good news for sports fans that like to bet in Bitcoin</a>. It is likely to remain somewhat volatile, but sharp declines are unlikely in the weeks ahead, meaning your returns are in less danger of being eroded while a game you bet on takes place. For the long-term trend to turn positive, Bitcoin must cross and sustain above $9,950 to $10,000. Until then it is likely to continue consolidating around current prices. But Bitcoin enjoyed a sensational second half of 2017, and it could well climb back up in the second half of this year, too.</p>
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