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

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  • Yuri Molchan
    📰 News

    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

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

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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!

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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.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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  • Alex Dovbnya
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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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Contents

According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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Ethereum (ETH) Price Undergoes Bullish Consolidation, Says Prominent Crypto Trader

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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