ZB Academy：Bitcoin price may rise to 20K, followed by consolidation
Starting at 6 o’clock yesterday, the price of Bitcoin started a rapid rise, breaking through $17,000 in a short period of time, and then maintaining a strong upward momentum. As of the time of writing, according to ZB.com official market data, the price of Bitcoin is currently reported at US$17,618, a 24-hour increase of 5.09%, and the highest 24-hour price is US$17,918.
This rise is still driven by institutions, and at the same time, because PayPal fully supports bitcoin transactions, more retail investors have joined the bitcoin investment army. In addition, more favorable market information is gradually coming.
Recently, Anchorage, a digital asset custody company, sought a national license from OCC (Office of the Comptroller of the Currency), which means that the cryptocurrency industry and the banking industry are constantly getting closer. According to a notice posted on the website of federal regulators on November 9, the trust department of this South Dakota startup has applied to the OCC for conversion to a national bank. Apart from stating that Anchorage’s lawyer is Dana Syracuse of Perkins Coie, the notice has few other details. Syracuse was the former general counsel of the New York Department of Financial Services and helped the agency draft the landmark BitLicense regulations.
Prior to this, the first company to obtain a Bank of America license was a cryptocurrency exchange called Kraken, although it obtained a special-purpose license from Wyoming (the same license as the digital asset startup Avanti) . In contrast, if Anchorage’s application is approved, it will become the first cryptocurrency company in the United States to obtain the National Bank Charter, which explicitly allows it to conduct business in all 50 states. According to the rules of the Securities and Exchange Commission (SEC), the bank’s articles of association will give Anchorage clear powers to act as “qualified custodians” for institutional investors. But the SEC said last week that it is currently uncertain whether these entities that are regulated by the state and are not as stringent as banks can become qualified custodians.
However, Brian Brooks, who has served as OCC’s Acting Auditor General since May, was previously the chief legal officer of Coinbase Exchange. He is particularly focused on clearing the way for banks to participate in the cryptocurrency market, so OCC may unusually accept such requests.
The Brooks was also nominated by the outgoing US President Donald Trump for the permanent leadership of the National Banking Regulatory Agency. Brooks is a former bank executive who joined OCC in March after serving as general counsel at Coinbase and has been the head of federal agencies since May. His first action at the agency was to propose a federal licensing system for fintech startups, which would save them from obtaining interstate money changer licenses that all cryptocurrency exchanges currently need to conduct business. Since being appointed as the Acting Auditor General by US Treasury Secretary Steven Mnuchin, Brooks has taken many initiatives to integrate cryptocurrency with the banking industry. In July, his office issued a letter telling state-regulated banks that they can provide cryptocurrency custody services, and in September announced that these banks can provide services to stable currency issuers.
And for Bitcoin that was more or less affected by this and broke through $17,000 and continued to rise, ZB.com’s market researcher believes that as Bitcoin approaches its highly anticipated all-time high, some responsive selling should be expected. However, a new round of institutional investment has just begun, offsetting the negative impact of Bitcoin’s selling arbitrage and keeping its current upward trend basically unchanged. Many investors who follow book returns have sold large amounts of Bitcoin after Bitcoin has reached historical highs, so it can be predicted that Bitcoin prices will repeatedly test historical highs, and volatility may rise in the short term. Bitcoin price is expected to climb to close to $20,000, then there will be a consolidation, after which the upward momentum will resume.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank, as well as exchange brands ZBM, ZBX and Korea’s Bithi.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Group by visiting www.zb.com.
