Despite recent news about possible legislations for cryptocurrency trade in the United States, and the confiscation of more than $4.2 billion worth of crypto by Chinese police, the positive market trend returns with new power.
The initial reaction of the market to recent news results in a massive sell-out, which affected almost every coin price to go way below Nov 26 prices.
While some traders and investors expressed concerns on the market dynamics, other called it a “Black Friday sale” and increased their portfolio with a 20% “discount”.
Currently, the Bitcoin is trading at $19,000 mark with a tempo that is overwhelming expectations of many analysts and traders.
Driving factors of growth
Unlike the 2017 FOMO and ICO hype rally, this bull run is considered to be driven by the institutional money from large investment companies such as Grayscale.
Just recently the Guggenheim’s Macro Opportunities Fund requested the U.S. Securities and Exchange Commission the right to invest $500 million into the Grayscale Bitcoin Trust.
This and many other indicators of interest from institutional investment companies and individual investors raise the price towards the $20,000 consolidation. When this mark will be met — it will mean the people who bought at ATH back in 2017 will mostly stop selling their Bitcoin, and there will be fewer factors that hold the price increase on markets.