On Wednesday, August 29, the Bitcoin price soared over $7,000 for the first time in almost 3 weeks.
The price of Bitcoin undulated marginally up to Wednesday, September 5, when it dropped 3% in just 15 minutes, caused by Goldman Sachs removing its planned cryptocurrency trading desk.
Chief Executive of Digital Securities Exchange, Mike Romanov, believes this isn't a long-term problem. He hopes the crypto market will revive from this problem quickly and Goldman's exit will make effective regulation in order to attract bigger players to join with confidence and other financial institutions will go ahead to discover methods of offering strong custody answers for Cryptos.
Bitcoin is still trading a little higher than at this point in 2017, though it remains far off the peaks of $20,000 reached in December.
Crypto maniacs have been supported by the current price increase and its capacity to maintain it for a week, with some hoping it can push through the $10,000 price wall before Christmas, and before applying this momentum to come to $20,000 soon.
Devin Milsom, chief executive and founder of Crypto Investors Club, is anticipating an increase in the price of Bitcoin the moment it penetrates the $10,000 wall since investors don't want to miss out on a noumenon market surge.
“Once we are above $10,000 again, human psychology will cause the many investors to have fear of missing out and it won’t be long before we attack the $20,000 levels again.”
Michael McCann, Senior Economics Lecturer at Nottingham Business School, also
looks at the latest Bitcoin price increase trend soon taking it to $10,000, but is predicting the longer-term flourishment of Bitcoin as a "risky business" because of market fickleness.