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Home Cryptocurrency News How Bittrex will help bitcoin gain a foothold above $ 10,000

How Bittrex will help bitcoin gain a foothold above $ 10,000

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Experts expect a surge in interest in the cryptocurrency.

Analyzing the prospects of cryptocurrencies, many traders often ignore the fundamental events that can have a significant impact on the entire digital industry. They believe that if the news occasion does not become a catalyst for the market immediately, then it will not a priori affect it. However, this approach is incorrect. Many events require a certain amount of time before becoming a full-fledged driving force.

One such event was the recent decision by the American Bittrex exchange to launch support for the dollar. In particular, Bittrex entered into an agreement with the New York Signature Bank, which gave it the opportunity to start quoting Bitcoin against USD. In other words, if earlier Bittrex opportunities were available only to those who already owned a certain cryptocurrency, now it can be purchased directly on the exchange for ordinary dollars.

Recall, the Bittrex exchange appeared relatively recently, in 2015. Initially, the service was conceived as a conventional currency exchange, but later developed into one of the most popular, reliable and convenient platforms for speculative trading. Today, Bittrex is among the world’s largest exchange sites, giving customers the opportunity to work with 260 assets and having a daily turnover of over $ 250 million.

Analysts of the company AMarkets note that initially on the exchange will be available operations with the dollar in pairs with bitcoin, as well as two digital counterparts of the US currency – Tether (USDT) and TrueUSD. Thus, traders will be able to switch between tokens tied to the dollar. This feature is useful when sending USD to other exchanges or in case of volatility of the specified digital coins. However, for the first time, only corporate clients of the exchange from several US states (Washington, California, New York and Montana) will be able to open the fiat deposits. Bittrex hastened to reassure: retail investors will not have to wait long for such a service. If in the process of testing corporate accounts there are no problems, then by the end of this summer, dollar deposits will begin to be accepted by ordinary users.

Such an innovation will give an opportunity to all interested persons to buy a cryptocurrency for the usual fiat dollar, which will certainly attract more large investors. In addition, the very fact of the partnership between Bittrex and Signature Bank is a precedent, which testifies to the growth of trust and loyalty to bitcoins on the part of banking institutions.

It is expected that with the influx of dollar capitals, the turnover of crypto exchanges may grow several times. In this scenario, in the near future, one should count on reviving interest in the cryptocurrency, which will be followed by the long-awaited fastening of bitcoins above the psychological threshold of $ 10,000. We hope that long positions already exist in your trading arsenal.

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