The post Top Reasons Why Bitcoin Gained Today, May 19 appeared first on Coinpedia Fintech News
- The historical supply shock hitting the Bitcoin market has signaled to an ultimate parabolic rally in the near future.
- The Bitcoin market stands to significantly benefit from the improved trade-war negotiations.
Bitcoin (BTC) price experienced significant volatility in the past two days after breaking out of a symmetrical triangular pattern on Sunday. The flagship coin established a support level around $102,229 on Monday, and rebounded over 3 percent to trade above $105,370 on Monday, May 19, during the late North American trading session.
The wider altcoin market, led by Ethereum (ETH), rallied in tandem, thus resulting in nearly $600 million crypto-leveraged liquidations during the last 24 hours.
Major Forces Behind Today’s Bitcoin Rebound
JPMorgan’s Bitcoin Entry
On Monday, JPMorgan’s CEO Jamie Dimon said that the bank will allow its clients to buy Bitcoin but will not participate in the custody services. Notably, JPMorgam manages more than $4 trillion in assets under management (AUM), which is likely to flow into the Bitcoin market, either directly or through the spot ETF market in the near future.
The entry of JPMorgan’s clients into the Bitcoin market is a major milestone in the mainstream adoption of BTC by institutional investors. Furthermore, Dimon has been a huge skeptic of Bitcoin as a digital gold in the past but the pressure from investors has led the bank to bow down to Bitcoin.
Imminent Ripple Effect of the Stablecoins Genius Act
The U.S. lawmakers have been pushing a bipartisan stablecoin bill dubbed the GENIUS Act. The act, which is likely to be passed by both houses and President Donald Trump, has stipulated clear intentions of the United States.
On the top list of the GENIUS Act, stablecoin issuers, including foreign issuers, are expected to implement a technological capability to freeze and seize stablecoins. The clouse will help the United States continue to use the dollar as a political tool through sanctions.
As a result, the confidence in Bitcoin as a tool for global freedom is evident among institutional and retail investors.
