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.
3 reasons why #Bitcoin surged today:— Gabor Gurbacs (@gaborgurbacs) October 25, 2019
> CME Bitcoin futures expired today (4PM London time, last Friday of the month).
> President Xi Jinping supports blockchain in China.
> Crypto Capital CEO arrested. Exchanges, such as Bitfinex, may get some of the seized 850 million back.
The ‘Crypto Moon’ Twitter user also suggested Xi Jinping’s announcement as a major reason for yesterday’s Bitcoin price action.
#Bitcoin & #Crypto users all are thanks ? to President Xi Jinping pic.twitter.com/SnXzQsaFPJ— ?CRYPTO MOON? (@manianban) October 26, 2019
? There ain't no pump like that China pump! pic.twitter.com/1ojmQI6POb— Crypto Godfather (@CryptoGodfatha) October 25, 2019
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!