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IPFS News Link • Bitcoin

Bitcoin Price Analysis: Is a $1700 Target in Sight?

• https://bitcoinmagazine.com, by Josh Olszewicz

This would allow for the opportunity of a massive influx of untapped investors who do not otherwise have access to or confidence in the Bitcoin market.

The digital currency space market capitalization as a whole just surpassed $30 billion for the first time. This is certainly an indication of a growing and mature ecosystem and makes for a splashy headline, but overall, I put little stock into market capitalization for many alt coins which have various supply variables including no total cap on number of coins, pre-mines, insta-mines, or a majority of supply held by the development team.

USD withdrawals continue to be halted on Bitfinex, one of the leading USD exchanges. This essentially means selling BTC for USD on that exchange can only buy more Bitcoin or another digital currency. It's a bit of a one-way street at the moment so it's no surprise that there continues to be a $100 premium on Bitfinex. We can fully expect this to continue until USD withdrawals resume, or the buyers get exhausted, and we probably won't see full resolution until the former happens. Despite some circulating rumors, I don't see any evidence to suggest that Bitfinex is insolvent; they are handling digital currency withdrawals without issue. Some users have been avoiding Bitfinex entirely. The Bitfinex cold wallet balance has been on a downtrend since the halt of USD withdrawals.


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