The Coinbase announcement was one to wait for as the company announced its first regulated and insured Bitcoin exchange based in the USA. This may not have been the news interpreted by many from the announcement, as many believed something big may have been in the works ready to propel Bitcoin to the moon.
Don’t let the price drops fool you, the Coinbase announcement still came as a surprising development and a breath of fresh air for Bitcoin adoption. With a new regulated and insured exchange on the horizon, Bitcoins fortunes may change for the better.
However the prices have certainly not ! Bitcoin prices raised anticipating a big announcement with many bag holders expanding their reserves. With ammunition ready and prices rising to over $300 many believed the Coinbase announcement would be the event needed to propel the Bitcoin prices. However all came crashing and burning as prices shorted to $260 in a matter of hours. On the other hand the Winklevil announcement may bring positivity back into bitcoin allowing for a sustainable and healthy bubble to occur.
“This is our effort to bring bitcoin mainstream, to build it into a regulatory box,” Cameron Winklevoss said. “When we think of Gemini.com, it will be like a Nasdaq for bitcoin.”
As seen above the Winklevoss twins may be the key to a good year but the new Coinbase exchange is not to be underestimated. Fresh money and liquidity is to flow into the exchange and many hope the force will drive the Bitcoin prices up as currently the $260 level is being held down hard.
Current Bitcoin prices are dipping as highs of over $300 which were seen yesterday are currently unavailable. Prices dropped right after the Coinbase announcement was revealed with many speculators attribution the short Bitcoin rally to the announcement which had stated Bitcoin was going to the moon. With current Bitcoin prices stabilising at the $260 mark many anticipate the prices to go up according to the Elliot wave theory. The prices have also been hinted to rise shortly according to the microtrends story documented by BTCFeed earlier in the week. Many believe the new drive and liquidity available to the Bitcoin infrastructure may give it what it needs to raise its market cap and ultimately its inherent value. Predictions are set at $300 which are anticipated by the end of the week with many analysts applying strong buy labels for the cryptocoin. Below are the prices seen by Bitcoin today. A clear drop can be noticed in value but signs of recovery are present as the $250 floor seemed to deflect various threats.
To conclude this year may see a stagnating price but with extreme developments scheduled by major players in the Bitcoin game a bubble may be seen. BitPay, Coinbase and the Winklevoss twins may turn the tide in Bitcoins favour. As many of you may feel, it is the right time for a Bitcoin price rise, not only has the stagnating and dropping price led to a decline in faith on the Bitcoiners part, the prices have let down many but the early adopters of Bitcoin. Below is the live Bitcoin price.