A look at crypto-narratives: what does Bitcoin (BTC) do?

Bitcoin - $ 8100, a small pullback

Welcome back, bulls. In the end, bulls are finally in complete control of Bitcoin (BTC), and the cryptocurrency market shows absolutely stellar benefits over the past few days. As shown below, BTC even today scored $ 8, 100, adding 15%. Although the market has cooled down a bit since then: Bitcoin has risen to $ 7,800 to take a break and take a pill, the price was undoubtedly bullish.

Взгляд на крипто-нарративы: что бустит Биткойн (BTC)?

As the leading cryptocurrency grew, pushing away key resistance levels, as if they were nothing more than raw pieces of parchment, other cryptocurrencies didn’t jerk so much. For example, Ethereum has grown relatively insignificantly by 4.96% over the past 24 hours; XRP grew by 3.65%, approaching the level of $ 0.33. The only notable cryptocurrency that defeated the market leader is Binance Coin, which reported a 15% increase.

Let's try to look at the narrative, in particular, to find out which combination of factors causes this noticeable surge.

What is happening now?

  • eBay may soon plunge into cryptocurrency: started appear rumors about eBay, the world's largest online marketplace, potentially part of the cryptocurrency. According to Telegram of the Patrons of the Moon, eBay may announce support for cryptocurrency this week, citing advertising and sponsorship seen at the Consensus in New York. The company is one of the main sponsors of the event.
  • Whole Foods, Gamestop, other outlets for (indirect) adoption bitcoins: in the announcement made during the opening of Consensus, Gemini entered into a partnership with the launch of crypto payments Flexa to offer its users the ability to buy physical goods across America using bitcoins, Bitcoin Cash, Ethereum and Gemini. Although retailers themselves do not directly accept cryptocurrency, partners, including Lowe's, Amazon's Whole Foods, Nordstrom and Gamestop, will accept bitcoin fiat sources. This will accelerate the implementation of cryptocurrency, and probably caused some hype in the retail audience.
  • Bakkt, finally will launch futures . Earlier today, Bakkt, an independent crypto-initiative of the Intercontinental Exchange, showed that in June it will launch its futures contract with physical support. According to the Medium update from its executive director, Kelly Loffler, the product will have two forms: 1) a daily settlement future;2) monthly futures. This confirms the rumors that the platform hoped to release a tool for the market on the same day. Bakkt expects a smooth launch of this product by July, explaining that in the coming weeks he intends to fix any problems. This report appeared a few weeks after it was discovered that Bakkt was cooperating with the largest US bank BNY Mellon. As we reported, the exchange worked closely with the institution to protect the bitcoins and other private keys of digital assets, in particular, through a system of geographic distribution. In the same ad, it was discovered that Bakkt had acquired a digital asset management company (DACC), while at the same time receiving an insurance policy of $ 100 million with “global insurance companies”.
  • Fidelity, TD Ameritrade, E * Trade. These three financial institutions, which themselves are giants, are expected to soon allow direct cryptocurrency trading on their respective platforms, opening the doors to Bitcoin for organizations and retail investors.
  • Bitcoin is separated from the stock. : Although Bitcoin was advertised as an uncorrelated asset, many analysts point out that it tracked the US stock market during some periods of 2018 and early 2019. However, now BTC has begun to demonstrate a different trend, which has led some (CNBC Fast Money) to state that the asset is bullish. Case in point: since the BTC rose 12% on Monday, the S & P 500 lost approximately 3%.

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