Good news for bitcoin investors? Cryptocurrency “bull run” ahead

Bitcoin and other cryptocurrencies are likely to see a bull run again.

bitcoin prices Good news for bitcoin investors? Cryptocurrency “bull run” ahead
Photo Credit: Representative Image Bitcoin is trading at $6,369.30 while ethereum and litecoin are hovering around $210.1 and $50.8
Bitcoin prices have stabilised around $6,400 since October 2018 whereas equity markets have been tumbling, this may be a sign of relief to all the cryptocurrency investors and traders. Since June 2018, bitcoin is trading above $6,000 per unit after the world’s most popular cryptocurrency fell from its respective all-time peak of $20,000. In the current year so far, bitcoin prices have touched a low of around $5,900 in June, according to the data available at coinbase.com. (Related | Surprise, surprise! Bitcoin defies stock market crash; Sensex, DJIA tank 3% in 1 week)

According to a Forbes report, bitcoin and other cryptocurrencies are likely to see a bull run again. Changpeng Zhao, CEO, Binance, a cryptocurrency exchange, expects another bitcoin “bull run” to happen sooner or later, Forbes reported. “Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen... Sooner or later, something will trigger it,” Changpeng Zhao was quoted in the Forbes report.

Bitcoin is trading at $6,369.30 while ethereum and litecoin are hovering around $210.1 and $50.8, respectively, according to the latest data on coinbase.com.

Bitcoin prices saw a massive spurt in the last quarter of 2016, the time when a unit of cryptocurrency was available for $600-$900 apiece. In 2018 itself, bitcoin prices breached the psychological mark of $20,000 but since then it has been on a downward trend. All the cryptocurrency investors might be anticipating for the next upward trigger.

As far as the trading in India are concerned, the businesses of crypto exchanges have taken a hit after the warnings and increased watch by the Finance Ministry and the Reserve Bank of India. Recently last month, Unocoin Technologies, a Bengaluru-based blockchain solutions provider, became the victim of wrong marketing after they installed a cryptocurrency machine and named it as bitcoin ATM.