What Sparked the Bitcoin Bull to Rage Again?

Bitcoin Bull Rages

Bitcoin has received a lot of the spotlight in investment circles this past year. Having started off the year at under $4,000 in value per coin, the current value at the time of writing is just over $12,000. Between then and now, there have been some fluctuations in its strength, with a loss of 20% of its value just a month ago, which may still be fresh in the memories of most.

What is becoming more and more evident, is that Bitcoin is beginning to gain more and more exposure. It is the oldest cryptocurrency in existence, and as such has remained the ‘go-to’ currency for holders, who want to earn quickly on their investment.

The currency goes through very volatile ups and downward swings, which makes its behaviour very difficult to predict at any one time. However, like in any trade industry, there are real factors that influence the rise and fall of the crypto-asset.

It is a much more difficult job discerning what will peak the interests in Bitcoin than it is to predict stock markets. Analysts are only able to speculate what the determining factors could have been after the surges have already taken place. It shouldn’t be too long before traders have Bitcoin movements down to a tee, but even when that does happen, buying and selling will have to be done promptly so that you can truly capitalise on your findings.

In this article, we would like to take a look at some of the factors that could have resulted in the sudden uptrend of Bitcoin in the last week.

USA AND CHINESE TRADE WARS 

The USA and China have been head to head in a trade war for a few months now. Much of the controversy has sparked over issues involving 5G technology. The battle has taken its toll on the Yuan, causing it to drop in value versus the dollar.

Suggesting that this economic change has brought about a rally for Bitcoin is tantamount to saying that investors are seeking out Bitcoin as a ‘safe haven’ currency and a place of retreat from the fiat field. Its seems rather strange that investors would run to a volatile currency option in the face of uncertainty in the fiat currency, but we believe Bitcoin is showing people that it is around for good and is willing to make people wealthy as it strives to survive.

But, the indicators seem to align. The rise of Bitcoin took place only moments before China announced an increase to the Yuan’s reference rate. This sort of reaction to Bitcoin is a very good sign for the future of cryptocurrency.

BREXIT WITH NO TRADE DEAL 

Much like the previous influencing factor, this one seems to be linked to a safe haven investment reaction based on the fact that it seems that Britain will be leaving the European Union without a trade agreement in place. As such, many Euro and GBP investors might seek refuge for their investments in a market that is not tied to the world economy.

FACEBOOK VS CHINA 

Once again, the Chinese get a mention in this article. The reason this time is very different though.

Headlines released just last week have revealed that the Chinese were very interested in launching their very own stablecoin blockchain and have seen the announcement by Facebook about Libra currency, as a challenge to race towards the end goal first. The first workable alternative currency is most likely to be the industry leader for a long time.

This sort of hustle and bustle in the market only has a positive influence on all things crypto. For this reason, Bitcoin may have received much attention off the back of that news.

LITECOIN HALVENING 

This past weekend, the fourth largest and second fastest growing cryptocurrency this year halved its block rewards for miners. These ‘halfs’ are put in place to counter hyperinflation in the long run. A Halvening means that there are now only half the amount of tokens available to mine, making the process that much more expensive and difficult. As such, it spikes the value of cryptocurrency.

Now that this is the case, there is a good chance that investors looking into the market may overlook Litecoin at the moment, making the other top three cryptocurrencies a lot more attractive, especially the leader – Bitcoin, who is set for a halving of its own towards the middle of next year.

WALMARTS PLANS 

In an article earlier this week, we mentioned that Walmart was set to follow suit with Facebook and look into establishing their very own stablecoin.

When big businesses like this start filing patents in the crypto sphere, the world cannot help but pay attention. If successful businesses believe there is money to be made in blockchain, then why would normal folk not follow suit.

VEGASCASINO ROUNDUP 

Increase in Bitcoin holdings is good news for you and for us. We offer top online casino games to those who seek to bet in Bitcoin wagers. Because your Bitcoin stash may have grown a bit over the last week, you probably have a little spare currency lying around to spoil yourself with at our casino site.

Treat yourself to a fine selection of slot games, table games, live casino and more on our platform, and receive special bonus offers aimed at maximising your time and gameplay.