5 reasons Bitcoin price is rising

5 reasons Bitcoin price is rising

reasons_bitcoin_price_is_growing

Reasons Bitcoin Price is rising

The bitcoin price keeps rising and it is reaching the value of $700, growing more than 20% during the weekend.
Today, in fact, the Bitcoin price is $695, according to Coindesk and it seems it doesn’t want to turn back.
Experts are trying to provide several reasons for this rise, including the Chinese Domain and the halving of miners rewards.
Below you can read the 5 reasons Bitcoin price is rising so fast:

Halving of Rewards

In July it will take place the event of the halving of the miners rewards: the mining process, in fact, will be rewarded 12.5 BTC per block, instead of the previous amount of 25 BTC.
This process called halving is aimed at preventing a digital currency inflation by reducing the amount of new currency created over time, until it reaches it maximum amount of 21 million bitcoin ever created.

More interests in the Blockchain

Another reason could be the growing interest in the Blockchain by several worldwide companies such as Microsoft, IBM and more.
As the interest in the different applications of the distributed ledger is growing, more and more people start to approach bitcoin too.

Chinese Domain

As we tried to explain into this blog post, one of the possible reasons of the rise of the Bitcoin Price is the increase of the Chinese domain.
In fact, its price in CNY on the local exchange is growing up quickly, reaching more than the current bitcoin price.
Joe Lee, founder at the trading platform called Magnr, explained:
“Capital flight continues as the IMF (International Monetary Fund) is now signalling warnings at the increasing default risk against China’s corporate debt. China’s economy is changing rapidly and debt fueled growth can only be sustained for so long.”

FIAT Currencies Flow

Another reason why the Bitcoin price is growing could be a fiat currencies flow.
This is the point of view of Chris Burniske, who explained:
“What this implies to me is we have lots of new fiat money flowing into bitcoin, and bitcoin’s price action is not being driven by people swapping out of ether, which we’ve often seen before.”

UK out of Europe

Other bitcoin experts explained that another possible reason could be the fear that the UK could leave the UE.
A recent survey showed that 52% want this split, while 33% prefer that it remains.
This is the same thing happened when it appeared that Greece would leave the European Union: for this reason the bitcoin price hit about $300.

Universal Wallet

 

If you have to different cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, etc., you need to have different wallets, which is difficult to handle.
This is why HolyTransaction create an Universal wallet where you can store all your digital currencies within a single account.
So, do you want to store Bitcoin and other cryptocurrencies?

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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