Bitcoin pulled off a Massive Head Fake

Bitcoin, the largest cryptocurrency in the new currency market has shown an uprise of $8000 before falling down to $7900 at press time. Last weekend was a roller coaster ride for Bitcoin. With the sudden cancellation of SegWit2X following a rift between the cryptocurrency insiders, it was a major setback for Bitcoin. The value proposition of Bitcoin descended to $5500 and that of Bitcoin Cash (its presumed rival) to be $2600. During such financial upheaval, a majority of investors were attracted towards Bitcoin Cash. Things became worse for Bitcoin.

But a wave of good news was waiting for Bitcoin in future. With the dropping value of Bitcoin Cash, investors again shifted back to the original Bitcoin and its graph again started increasing, much more than before. As an added benefit, British hedge fund Man Group announced their partnership with Bitcoin, after the launch of CME’s futures market. Back to back another organization, Payments app Square also announced their full integration with Bitcoin in the payment’s platform. It was indeed a joyous moment for the Bitcoin community after facing such hardships.   

Well, the good news doesn’t end there. Today, adding to further profit of Bitcoin, Coinbase has announced that Coinbase Custody—a BItcoin storage device featured for hedge funds wishes to invest in digital currency and this launch is expected by 2018. After partnering with such high profile organizations, the technical analysts of Bitcoin looked upon their financial graph and saw an escalation by $8000. However, it is estimated that the prices will shoot up much higher than is expected.