Well Bitcoin is flying high, almost as high as it did in January of 2018. What a run from 4000$ in March to 18500UsD at the time of writing.
The question I like to ask myself is what were the triggers to this new Bullrun?
The Bitcoin halving occured in the middle of May when block rewards, or the number of Bitcoins entering into circulation, whenever a block is produced is reduced by half. A new Bitcoin will be subsequently issued half as fast as before which makes Bitcoin more scarce and therefore more valuable.
- PayPal Holdings Inc. accepts cryptocurrency and allows its use for merchant payments.
Citing Pantera Capital they claim following:
When PayPal went live volume started exploding. Within 4 weeks of going live PayPal is buying almost 70% of all the new Bitcoin in circulation.
- Chinese miners, have been struggling to sell their crypto holdings for cash because their bank accounts and cards are in many cases being frozen by Beijing as part of its nationwide crackdown on telecommunications fraud and money laundering via cryptocurrency deals.
Singapore-based trading firm QCP Capital cited a blog by a Chinese crypto watcher
He said 74% of the miners he polled are struggling to pay their electricity bills.There are also miners who said that the mining machine has been shut down for a month because they cannot sell the currency to pay the electricity bill.
- Investment from large institutions
MicroStrategy is looking to add to its $521 million stash of bitcoin, the company's president said in late October.
Companies like Grayscale are managing Bitcoin for their own clients and have been accumulating in the past months.
Outlook
Institutions are investing in Bitcoin, it seems the Chinese cannot sell their "Mining Product" because of Beijing, the Bitcoin halving has just occurred and PayPal finally accepts crypto.
I believe that those four reasons given drove the price of Bitcoin back close to its all time high.
Will Bitcoin continue to rise or is it likely to consolidate?
I am interested in all your ideas and please tell me if you think I am missing something.
This is no financial advise.
Suggestions,advice or if you want your coin picked next please just post in the comments below.
Cheers and thank you very much for the follow& like and your generous tip;
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