Looking over the past 24hrs we have seen quite the demonstration on how volatile the cryptocurrency market is at the moment. It first started with Bitcoin Cash (BCC/BCH) ending with a price drop on Bitcoin (BTC) bringing the coin down to $5,500 at some point. Since hitting the weekly low it has now bounced back to $6,600 at the time of this article.
The recent decrease in price has mostly been attributed the cancellation of the fork Segwit2x which led investors, coin holders and businesses shifting towards Bitcoin Cash late last week.
As previously mentioned in our Sunday article the market moves ended up being nothing but speculative, statement also confirmed by Xapo President Ted Rogers who stated on November the 12th the surge in Bitcoin Cash was not sustainable, with no infrastructure, active users or community to back the uprising trend.
Lately traders have started buying the dip, as bitcoin price rebounded in a very short period, the question that remains now, will it be enough to recover to its all-time high of $7,900?
Two of the largest exchange options in the world CME Group and CBOE alongside LEdgerX are due to launch bitcoin options, derivatives and futures targeting institutional investors by the end of Q4 2017.
Add that to a growing number of angel investors and hedge funds looking to go into cryptocurrency we should see some interesting developments regarding Bitcoin’s price in the upcoming months.