Whats causing bitcoin to surge

whats causing bitcoin to surge

Top Stocks. The ice has finally melted and crypto winter seems like a distant memory now though the altcoins are still not fully free of the bears just yet. Search the FT Search. The FOMO has finally returned to crypto markets as scenes reminiscent of late start to unfold this week. The narrative that BTC is set to repeat history by breaking into a bull market at least a year ahead of the next mining reward halving due August has only strengthened over the last three months, possibly leading to the bull breakout yesterday. In other words, when prices rise, it encourages more people to get involved, which subsequently makes the price rise further. That all changed this spring, as a fresh wave of buyers embraced cryptocurrency as an emerging asset that has attracted widespread attention from individuals, financial professionals, enterprises and central governments.

Bitcoin is trading above $17.8k in the country, as Koreans are buying the coin with a premium price of $2.6k

A bitcoin is essentially a digital token or code mimicking a virtual currency. Some part of this price buoyancy in bitcoins can be attributed to market-making initiatives of Indian exchanges. In order to maintain a tight order book, sugre increased the bitcoin price when there was high demand. Post-demonetization, exchanges like Zebpay have raised prices marginally to quieten demand from prospective buyers and also to lure coin owners to sell their holdings. This strategy seems to have paid off as to coins are being traded on Indian exchanges everyday. The new fondness for bitcoins has been a result of a cascade of global uncertainties that began with Brexit, leading to a weak Chinese yuan, followed by Donald Trump’s what and Modi’s crackdown on untaxed money, resulting in a precariousness of investments in local gold and real estate markets. In India, only a few companies accept bitcoin payments, and that too as indirect transactions made through the exchanges.

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whats causing bitcoin to surge

This surge caught everyone by surprise and people started to look for a reason behind the pump. There were a lot of people with speculative theories about the pump. These are the top 3 theories [in no particular order] that explain the reason for the pump. These orders were said to have been spread across different exchanges in the U. Securities and Exchange Commission had approved two Bitcoin exchange-traded funds drove prices higher, while others said it was caused by unwinding of short positions.

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Nick Chong 2 hours ago. Be among the first to get important crypto and blockchain news and information with Forbes Crypto Confidential. That all changed this spring, as a fresh wave of buyers embraced cryptocurrency as an emerging asset that has attracted widespread attention from individuals, financial professionals, enterprises and central governments. Renews monthly unless cancelled. The past reminds us that future crypto prices can be difficult to gauge, something that is even truer now that continual growth is no longer a given. Since then, sentiment has soured as financial institutions and major retailers failed to make moves to support bitcoin and other major cryptocurrencies. Year in Review For 4 weeks receive unlimited Premium digital access to the FT’s trusted, award-winning business news. Read More. Bond Funds. As soon as you open the door, you’re going to get a lot of people looking to participate in the market. The number one cryptocurrency has seen its price dramatically increase in the last few hours. Martin Young 2 hours whats causing bitcoin to surge. Trifecta Stocks. All Rights Reserved. That was the finding of a study by Yale doctoral students who discovered that price hikes create a «momentum effect» and an «investor attention effect» that collectively push the currency higher.

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