People with interests in cryptocurrency received good news recently when the price of bitcoin rose by $300 and more. Now it is trading at USD 8,900. Experts say that the cost is going to cross the bar of $9000 in the coming week. Both traders and market are taking a bullish turn. For more details, you can visit JeffLenney.com and find out about scope in bitcoin. Click Here to get more details on the price rise and trend about bitcoin. After being in quite a limbo, the bitcoin prices rose to soothe everybody’s heart bit. The sudden surge shows good future for the cryptocurrency market.
Reasons For The Sharp Rise
There are a few reasons in the background to which the sudden rise of bitcoin prices can be accounted. One compelling reason is the flat 180 degrees turn in French Finance Minister’s stance on this technology. In the recent G20 summit Minister Bruno Le Maire submitted a letter to the leaders in Argentina expressing his views about cryptocurrency and blockchain technology. A similar action was taken by Mark Carney. Another reason for this sharp rise in bitcoin prices is the bearish trend in the stock market in most major stock exchanges of the world. Big companies like Dow has its share values dropped by 400 points.
Another groundbreaking statement came from China when the People’s bank governor said in his speech that cryptocurrencies are inevitable. China has always shown rigid grounds on this topic. After not supporting it at all, the latest view changed the game to some level. He also added that virtual currency could very quickly take over the traditional financing options. In the future banknotes might become obsolete. The future is unknown, but the current trend is setting towards everything happening on a digital platform. Artificial intelligence will make the digital arena far more competitive than ever.
Economic Stabilization In Africa
A big reason also came from Africa where the economy was stabilized all thanks to the cryptocurrency market. Despite corruptions and related problems in virtual currency deals, people have made quite a decent amount of money from decentralized assets. Bitcoin experts refer Africa as the bitcoin home now. It is a shocking reality that people made so much money in cryptocurrency trade last year. Africa is one continent to show really good growth based on bitcoin trading. It appears that the cryptocurrency game with giving a comeback soon and with much more potential this year. Its popularity spread across 54 countries this time.
Though many countries have not yet legalized it yet, trading from people all across the globe gave the cryptocurrency market a much-needed hype. The market remained dormant for many years. Since the time of its inception, bitcoin hardly saw any growth that could be considered significant. This year the trend showed us a hidden potential that we were ignoring for a long time now. Now cryptocurrency has USD 20 billion more added to its overall market spread. The market is growing manifolds which will surely be a piece of excellent news for people who are wanting to invest in cryptocurrencies.