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Why did Bitcoin rise again (why did Bitcoin rise to 60000)

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Why did Bitcoin rise again (why did Bitcoin rise to 60000)

Why Bitcoin Rises Again? According to the Bitcoin BTC perpetual contract market, as of 16:00 (GMT+8) today, the price of Bitcoin is temporarily at $9450 (+0.04%), and the settlement fund rate is 0.010000% at 20:00 (GMT+8) From yesterday evening to around 3am today, Bitcoin saw another rise. According to the delivery contract data of Bitcoin, Bitcoin saw a significant increase this Friday. Why is Bitcoin rising again as mainstream platform currencies collectively rise? Why is Bitcoin rising again According to CoinMarketCap data, the transaction volume of Bitcoin reached 1.5 billion US dollars within 24 hours; More than 450000 active addresses; The daily number of online transfers reaches 557000. Bitfinex’s BTC/USD trading pair has generated over $1 billion in new positions over the past 7 days

Why did Bitcoin rise to 60000

Before Bitcoin rose to 60000 US dollars, many people were asking why Bitcoin would rise. But in fact, from historical experience, most people still regard it as a “foam”, because there are valuable things behind them When Bitcoin fell below 50000 yuan, we knew that the price was at a low point in 2017, followed by a bull and bear market. But as the coin price approached the $10000 mark and soared all the way to over $20000, this situation changed: the price of Bitcoin began to decline from a high point to its lowest point, and then returned to around $32000; In December of last year, when Bitcoin once again broke through its previous high resistance level, people would feel that Bitcoin had reached its peak, but this is not the case now. So why can Bitcoin rise to $60000 this time? The reason is simple, because investors believe that bitcoin will rise sharply, so they put their money into the bitcoin market, thus promoting the further development of the Cryptocurrency market; On the other hand, some speculators turned to the field of Cryptocurrency in order to avoid risks, which led to a sharp correction of BTC Currently, many institutional and fund investors hold digital assets such as Bitcoin, so for most skeptical investors, Bitcoin is one of the best hedging tools. So everyone should also pay more attention to recent trends and some recent trends. Let’s take a look together:

The first thing to say is that the main reason why Bitcoin can continue to rise is because its fundamentals are undergoing a huge transformation.

. After mid December 2017, gold plummeted significantly, and its correlation with stocks declined until October, when there was only a small fluctuation. Since the end of 2018, governments around the world have been implementing stimulus plans and adopting loose policies to control inflation. However, during this period, due to the uncertainty of the impact of the COVID-19 epidemic and the superposition of unstable factors in the global economy, Bitcoin has become a very popular choice in the market Secondly, there is another phenomenon called “grayscale Bitcoin Trust”. According to Gemini Exchange data, the share of “grayscale” has doubled compared to the beginning of 2019. Since then, Bitcoin has issued over $800 million in additional shares, including from listed companies such as Microstrategy and Square. In addition, since 2019, these companies have purchased approximately 1.5 billion BTCs (accounting for 6% of the total supply) as part of their grayscale trust products, which is much higher than the level in the first quarter of 2018. In the first three quarters of 2019, Gray sold nearly 40000 BTCs at a price of 7 cents per share. In the first half of this year, these Bitcoins were locked in their wallets, but they have not actually been sold. That is to say, after the end of 2020, the net issuance of grayscale Bitcoin trusts may increase.

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