Bitcoin’s (BTC) price was constantly experiencing a downfall in terms of its price and market capitalization. Just yesterday, it was expected that the price of Bitcoin would end up going below $30k per BTC benchmark.
Even all the analysts as well as Bitcoin enthusiasts had stated that there was no stopping Bitcoin from going below the $30k mark. However, Bitcoin has gone ahead proving why it is considered the largest cryptocurrency in the entire world.
On Friday, July 16, the price of Bitcoin ended up experiencing a boost bouncing its price over the $31k mark, as it was already below that. The reason behind the sudden bounce demonstrated by Bitcoin was the new information that had arrived pertaining to Bitcoin.
According to data from several on-chain data analyzing firms, the price of Bitcoin continues to fluctuate between the $30k and $31.5k per BTC figure. Despite making several attempts, the digital asset is still finding it difficult to cross the $31k per BTC figure.
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The data shows that Bitcoin has been struggling to cross the $32k per BTC barrier but it has not found much luck around the matter.
While Bitcoin experienced a price drop below the $31k per BTC barrier, its price crossed the $32k barrier for a short amount of time after an announcement. The announcement was reportedly made by the Bank of America, which was pertaining to the digital asset receiving approval from the BOA.
The reports suggest that the Bank of America permission around the launch of the futures trading for Bitcoin. This means that the users/clients at the Bank of America would be able to perform trades in Bitcoin.
This would eventually bring in more mainstream adoption to Bitcoin and help its price gain a boost. The recent price increase was the very demonstration that the news had an impact on the digital asset’s price.
Michael van de Poppe, one of the most popular traders recently made a comment in regards to the short-term outlook demonstrated by Bitcoin. When the news emerged around the adoption of Bitcoin futures trading, the Bitcoin enthusiasts had mixed reviews to share about it.
While some stated that the announcement of the new BTC Futures trading option had no role to play in the price surge of Bitcoin. The majority of the investors have acknowledged the recent performance demonstrated by Bitcoin.
Poppe stated that the recent announcement made by the Bank of America was something that helped Bitcoin price bounce up. If Bitcoin’s price would have dropped below $31k per BTC, its price would have fallen close to $20k per BTC.
At the time of writing, the price of Bitcoin (BTC) is hovering around $31.44k per BTC, which means that the Bank of America has indeed helped it regain a price.