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Bitcoin Bulls Experience Better Times as Optimistic Predictions Re-emerge
Bitcoin is relatively consistent on Wednesday at around $46,300 per coin, while rivals Ethereum and Dogecoin were trading around $3,220 and 26 cents per coin. The Bitcoin price broke past $46,000 on Monday morning. This happened after a high-stakes weekend for the crypto industry as the Senate discussed its part in the still expected infrastructure bill.
Still, on Monday, Bitcoin traded as high as $46,465, the highest level it has accomplished since May 16, when it hit $49,770.33.
Ethereum’s London hard fork was completed this week without a hiccup, and Ether’s price broke beyond $3,000. Its price continued hovering above it at $3,100 on Monday as investors have now targeted new highs above $3,200.
Defying the Odds
Bitcoin has been in the $30,000 range a few months after it fell from its May highs and climbed back up since July. Overall, the world’s largest cryptocurrency is staging its fastest 21-day advance since February.
The crypto is going against criticism over its toll on the environment and advancing even as regulators worldwide promise more brutal crackdowns. China, for one, has taken several steps to clamp down on crypto mining, among other things.
Meltem Demirors, chief strategy officer at crypto fund provider CoinShares, said Bitcoin is planning a major comeback. Despite new regulatory scrutiny, several investors regard this as positive news. They believe the development is a positive catalyst because it’s clearing up uncertainty. In addition, the chief strategy officer thinks that the crypto community is no longer some obscure corner of finance.
Blockchain Association’s Kristin Smith noted that she was amazed the coin made such progress during the infrastructure bill debate while she thought the opposite would have happened.
The Financial State of the Wild West
In the U.S., policymakers are concentrating on digital assets differently, with U.S. Securities and Exchange Commission Chair Gary Gensler calling the space the Wild West last week. However, he noted that he wouldn’t bargain on protecting investors in setting out a regulatory framework.
Gabor Gurbacs, director of VanEck, believes the market seems to have brushed off worries about the infrastructure bill. However, he noted the gold sell-off and stock market rally might stand as the pillar of Bitcoin’s price movement.
He said that he does not believe that Bitcoin rallied because of the gold price correction. He noted that the more likely explanation is that market participants are learning how important crypto markets became and are increasingly allocating to these markets. Crypto is so important that it made it into the infrastructure bill, and senators are discussing crypto provisions before passing the bill.