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
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.

Related
Tron CEO to Announce Partnership with ‘Hundred Billion USD Megacorporation’ Next Week

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!

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

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.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy