Why The Price Of Bitcoin (BTC) Is Rising Again
The crypto market has positively started the week and continued its solid run during Monday afternoon trade.
This led to the fact that the market value of the whole industry of the crypto-currency reserves increased to 271.5 billion US dollars according to Coin Market Cap.
While such as Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC) over the past 24 hours, all rose significantly higher, the biggest contribution to the growth in the industry have become improvements in the price of bitcoins (BTC).
During the last 24 hours, bitcoin increased by 2.5% to 7,139.53 US dollars per coin, having improved its market capitalization by more than 3 billion US dollars and amounted to 121.1 billion US dollars.
Why Has Bitcoin Been Increasing?
Bitcoin bulls seem to have reacted positively to the news that legendary investor George Soros is looking after crypto-converters.
According to Bloomberg, Adam Fisher, director of the Soros Fund Management, received permission to trade in crypto-currencies.
Mr. Soros has previously stated that: “As long as you have dictatorships on the rise you will have a different ending, because the rulers in those countries will turn to Bitcoin to build a nest egg abroad.”
Nevertheless, it is also recorded, calling it a bubble, so at this stage it is unclear whether the fund will be long or shorter on bitcoin.
In addition to this, Fortune reported on Friday that Venrock entered into the space of crypto-currency.
Venrock, a division of the Rockefeller family venture capital, has teamed up with a group of Cryptocurrency CoinFund investors to help entrepreneurs create blockchains based businesses.
Both of these events seem to lead to a positive change in the sentiment of investors-traders.
Where the bitcoin price goes next, however, only time will tell. But rest assured that we’ll keep you up to date with its moves as and when they happen.
Until then, I would suggest you review an investment in these small cap shares with a bunch of potential.
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