Bitcoin and the majority of Cryptos in the top 100 surged today in no time.
Earlier today the price of Bitcoin shot up by $1,000 in less than an hour. There are also big gains for Bitcoin Cash, Ethereum, Litecoin and Ripple; all of which have seen big gains in a short space of time.
Reasons for the gains
There are usually various factors contributing to the rise and fall in price of Cryptos. It is difficult to establish with certainty the exact reason for today’s gains. However, I believe it is likely to be a combination of the following:
- News circulating that Soros and Rockefeller are set to invest in blockchain and Cryptos
- The increase of Crypto trading in Japan
- The end of the tax year in the USA
will the gains continue?
It will be interesting to see whether the bull market can continue for the coming weeks/months.
Banks will continue to attack Bitcoin and Cryptos as it will change the way the current financial system works. However, I believe that as time goes on, and the more people learn about the blockchain and Cryptos, the less they will worry about statements from Banks attacking Cryptos. Eventually Banks will have to incorporate blockchain technology and change their model (that’s my view anyway!).
…Banks are going to have to change their business model, the profits they will be seeking will be different than the profits sources they get today ~ Bill Gates
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.