Summer is upon us, but will the world of cryptocurrency change seasons like the real world does? The “crypto winter” phenomenon (a bearish period for cryptocurrency) has been ongoing from February until the end of June. Finally, we’re beginning to see bullish trends and may be entering the term I’ll choose to coin: “crypto summer”.
Bitcoin went in the green territory this week seeing gains of ~5%. In the last few days, it seems to be solidifying these gains as it sits at a price of just over $6, 500 USD, comfortably above the resistance level of $6, 300.
A Bitcoin ETF can be game-changing for the currency. Institutional investors are said to make up the majority of backers instead of retail traders due to the SEC’s statements regarding a higher risk being associated with retail traders of cryptocurrency. In addition, the pretty-penny $188, 000 per share price tag is a strong indicator that Bitcoin ETF’s are attracting bigger investors.
So long as Bitcoin is even mildly relevant, it will be worth something. In fact, there is a direct correlation between the number of google searches for “bitcoin” and its popularity as can be seen in the chart below.
Bitcoin will never stop being discussed, because developing countries like Iran, Zimbabwe and Venezuela rely heavily on cryptocurrency to store their money. Since these countries have highly unstable currencies and face corruption, a decentralized currency offers a much more reliable alternative to holding currency.