As Bitcoin showed a tremendous fall on Tuesday and dropped around 13 percent, experts remain optimistic and expect the bull market to return soon.
A trader and technical analyst @CryptoMichNL has shared several major factors that are likely to trigger further Bitcoin growth.
‘People are still bearish macrowise. I don't get it.’
Several factors at the moment suggest that Bitcoin and crypto assets are going to become more popular among both institutional and retail investors. Among them is the launch of Bitcoin futures on Bakkt.
So;— Crypto Michaël (@CryptoMichNL) September 25, 2019
▫️ Bakkt launches and providing liquidity.
▫️ Second largest German Exchange in Stuttgart is going to provide $BTC trading.
▫️ SoFi is launching a crypto trading platform.
And people are still bearish macrowise.
I don't get it.
Factor 2 is that Boerse Stuttgart Group has set up Boerse Stuttgart Digital Exchange (BSDEX) to trade Bitcoin, as reported by media on Monday.
Factor 3 is that SoFi, a finance management firm, has added crypto (BTC, LTC and ETH) to its SoFi Invest platform and it will be available in 30 states in the USA, except New York.
SoFi launches #crypto trading— Squawk Box (@SquawkCNBC) September 25, 2019
"These assets are very volatile," says @SoFi CEO Anthony Noto "Cryptocurrency was the number one incremental product they wanted on the platform in addition to the other products we have." pic.twitter.com/1FCGlAC3hC
Bitcoin hashrate recovers, Binance sells crypto through bank cards
Another factor is that earlier today Binance announced that it has launched an option to let users purchase crypto via their credit and debit cards.
As part of Binance’s mission to increase the adoption and mainstream accessibility of crypto, users will now be able to use Visa and MasterCard to buy BTC, ETH, LTC, XRP, and BCHABC using Koinal, and start trading on Binance.com within minutes.
One more important thing is that the Bitcoin hashrate, which recorded a drop of 40 percent yesterday, is now back to its previous value.
Everyone was screaming about Bitcoin's hash rate drop yesterday. Today it has recovered.— Pomp 🌪 (@APompliano) September 25, 2019
As many others mentioned, hash rate data is an estimation and shouldn't be counted on for accuracy in short, fixed periods of time.
Onwards for the world's most secure computing network! pic.twitter.com/zo2t0RSezo