Bitcoin’s price rises again – Chinese President’s words in the background

The BTC (Bitcoin) exchange rate returned to around $10,000 for the first time since September 22nd this year after it had really seen huge increases in the last few hours. Overall, the main cryptocurrency increased by 27 percent over 24 hours.

Nowadays, the real cost of one Bitcoin is $9,591, which must have been a surprise for the bulls. Why a surprise? The point is that since October 23rd exactly, the exchange rate has been in the range of just over USD 7,000.

Bitcoin exchange rate and the exchange rate of individual banks

The price spike we have to admit is really very spectacular. What’s more, there are even numerous comments that this is the fourth biggest increase in the history of Bitcoin and also the biggest one since May 2011.

Professor Krzysztof Piech wrote on his Twitter that what a day it is, Aliora Course dropped by 15% and Bitcoin Course rose by 15%.

He also added that the Bitcoin price rose by 30% within twenty-four hours, who would buy the shares of the banks…. I think none of us would.

And where did these increases come from?

As is usually the case in such circumstances, a lot of comments appeared immediately in numerous social media. Of course, the comments concerned the origin of these increases. Some even attribute this to the words of Chinese President Xi Jinping. His words call for the development of the market and blockchain technologies in his country. The jump in the price of BTC also coincided approximately in time with his statement, which took place on the same day, and a little earlier.

Others attribute this to Bakkt’s success. This platform has recorded the highest level of Bitcoin futures contracts in its history. In order to reverse this trend, the bulls must now raise their prices to the next levels of 8225 USD, 8600 USD and 8800 USD. If the price of Bitcoins is between 7300 and 7400 USD the support will be found. Traders may be encouraged to re-enter the market. A similar drop in the couscous finally took place in the amount of 12 500 USD, 9 400 USD, 8 300 USD and now 8 000 USD.

This is what was written on Thursday. So what? We can safely say that it worked. Such a big jump in price until you ask for a correction, which can take place over the weekend.

The current course of Bitcoin and other cryptocurrencies can always be checked in the fixed bookmarks. We are talking about the tab: Bitcoin’s price as well as the crypto price tab located on the coinmarketcap website. The place where we can buy bitcoin as well as other cryptocurrencies is for example (of course, among others) the cryptocurrencies stock exchange called BitBay.net. If you do not have a BitBay account yet, this article will tell you how to create one. We invite you to read the link below. Whatever you say, but we should keep it in mind and keep it as much as possible in mind. What’s more, everything is extremely intuitive.

Barry Smith

Hi! My name is Barry Smith and I've been interested in the cryptocurrencies and blockchain industry for 4 years. I create crypto-earn.co.uk to share my knowledge with other users and give them the opportunity to make money by investing in bitcoin. Thank you for reading my articles, but remember that these are only my own observations, not investment advice.

View All Posts

1 comment on “Bitcoin’s price rises again – Chinese President’s words in the background

Leave a Reply

Your email address will not be published. Required fields are marked *