Reasons for Bitcoin Price 30% Surge from VanEck’s Director Include Xi Jinping’s DLT Statement

News
Sat, 10/26/2019 - 13:45
Yuri Molchan
As Bitcoin rocketed 30 percent last night, the crypto community is trying to find the causes and the VanEck's expert offers his view of the reasons behind the BTC surge
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

On October 25, the price of the headline crypto coin soared by over 30% and some exchanges even showed 40%.

The crypto community is shining with happiness and is trying to get down to the reasons of this price surge. It was similar to the increase BTC saw in September this year.

VanEck’s Director speaks of the BTC rise, the China’s DLT statement included

VanEck’s chief of digital assets, Gabor Gurbacs, suggests three reasons for the Bitcoin price surge. He named the expiration of CME Bitcoin futures contracts and the arrest of the Crypto Capital CEO in Poland.

Reason number three is yesterday’s statement made by the head of the Chinese government, Xi Jinping, regarding the blockchain technology. The President basically announced that China is going to legalize DLT and use it for every opportunity it offers.

The ‘Crypto Moon’ Twitter user also suggested Xi Jinping’s announcement as a major reason for yesterday’s Bitcoin price action.

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Bitcoin price is likely to hit $20,000 before the halving in 2020

As reported by U.Today earlier, a crypto analyst @CryptoMichNL tweeted that at the moment Bitcoin quotes are above all crucial indicators, including the 100-week MA and the 200-day MA.

He believes that the leading crypto is highly likely to reach the levels of $17,000 - $20,000 before the BTC halving next year.

 

What do you think of the reasons that caused BTC to surge? Share your view in the comments below!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.


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