THREE FACTORS BOOSTING BITCOIN PRICE
Three factors altogether have been pivotal in helping the Bitcoin price to recover towards $6,000 from the $5,960 it was on Thursday, thereby allowing the most popular digital currency to some amounts away from $6,000.
After the all-time record set last week of $6,200, there has been a setback in the defense of the record and further forward moves to surpass it. As a result of the hard fork of the Bitcoin Gold, the digital currency thus received some backup from its traders which saw other equivalent cryptocurrencies to all the addresses balances of Bitcoin as of block 491,407, which was mined in the early hours of Tuesday. Immediately after the hard fork, the price of Bitcoin began to ebb rapidly till it later dropped below the rate of $5,400 as investors headed towards the altcoin community.
What Are the factors Responsible for the Boosting of Bitcoin price?
However, the first factor responsible for the boost of Bitcoin is the negative performance of the Bitcoin Gold while it was in its earliest stage of open trading. Although the central Bitcoin Gold system has not been effected, different transactions have seen their traders get paid in BTG balances relating to the wallet balances of their exchange.
Another factor responsible for the boost of the coin is the speculation ahead of Amazon’s agreement to start accepting Bitcoin as a means of exchange. Though CCN has made it known that the speculation is not from a trusted source, the speculation received heat again when it featured in a popularly read German national daily, Die Welt. It is therefore widely believed that the chances of Amazon agreeing ontothis speculation are a slim one, as it might not come to reality.
Lastly, the traders and investors in the digital currency may be having a rethink about their previous conclusion to invest larger rates in the altcoin markets after the hard fork of the Bitcoin Gold.