If you payed attention to the crypto graphics and especially to the Bitcoin graphs the recent days you would see that the BTC chart took a pump in the upwards direction. In this article we will talk about potential reasons why this is happening and will discuss whether this will stay like this or whether it will change. Like always, this article is no financial advice but only for entertainment purposes only.
Reasons for BTC Pump
One of the probably biggest reasons is the adoption of BTC by El Savador. While this is some old news their usage of their volcanoes to mine BTC is not! By using clean energy El Savador is achieving something that some other miners would dream of: BTC that is not bad for the environment. This means that BTC can get rid of its bad calling as environmental killer.
Additionally to that a big portion of El Savadors citizens got the special BTC wallet. After a bumpy start BTC seems to be arriving in the El Savadorian society. Could this be an indicator how the future of BTC looks like?
Another reason why BTC is jumping high right now is probably the delayed infrastructure bill. By now every crypto investors knows that the infrastructure bill will have some drawbacks for crypto or at least for the crypto brokers. This was probably one of the reason that crypto experienced a dip the last weeks.
Due to the delay for this bill the tables seem to be turning. It looks like investors are gaining trust in crypto again and therefore investing more of their money in BTC. This does not mean that the infrastructure bill will not get passed but it is at least an indicator that it might not be as scary as many people were expecting.
Additionally, some more bullish news are pushing up the BTC prize. The hope and probably soon approval of an Bitcoin ETF puts the price of BTC to the top. Paired with the recent study that institutions are starting to invest more of their money into crypto is only going to be good for the crypto community.
Conclusion
These reasons are in my opinion some of the main ones that are responsible for the recent BTC rally. Furthermore, this rally will jump over on other Coins and Tokens like Ethereum and Cardano. I also expect a higher demand in DeFi Tokens. On the other hand I also expect some of the retail investors that got into crypto in last May to get back their money once BTC reaches its all time high again. Nevertheless, these are some bullish news which will bring crypto to next level.
Published by ga38jem on Publish0x on 7th of October 2021
Published by ga38jem on LeoFinance on 7th of October 2021
