Three possible reasons why bitcoin (BTC) is doing so well

rise of bitcoin

Bitcoin (BTC) did particularly well last week. Over the past 7 days, the cryptocurrency increased by 17.8%, making it the third largest riser. But where did this sudden rise come from?

One of the reasons that the bitcoin rate is now seeing increases is the upcoming unveiling of Facebook’s own cryptocurrency. The expectation is that thanks to this stable coin millions of people will enter the cryptocurrency market. As soon as they start using the stable coin from Facebook, the step to bitcoin is only small. Bitcoin is therefore expected to benefit.

Then there’s the news that US users will no longer be able to use Binance.com. Due to problems with regulators in the country, Binance is forced to close its doors for Americans and set up a special American platform. Far fewer altcoins will be available here than at Binance now. The expectation is that many Americans will convert their altcoins into permitted cryptocurrencies such as bitcoin.

The halving of the rewards for litecoin- miners also will be able to provide additional increases. The cryptocurrency has already risen by more than 350% this year due to this upcoming event, and does not seem to have finished rising yet. The bullish sentiment among litecoin Traders may partly on beaten to bitcoin and other altcoins.

About Shawn Morrison 247 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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