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Reasons Behind Bitcoin Upsurge to $7800

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Reasons Behind Bitcoin Upsurge to $7800

  • How recent Bitcoin futures launch announcement impacts Bitcoin rise in price
  • Binance CEO warns crypto enthusiasts not to bet against BTC
  • Pompliano hits minor cryptocurrencies as institutions accumulate BTC

For the past 2 weeks, Bitcoin has been seeing excellent growth in market price, and the mode of its increase shows the digital asset is moving higher. This surge could be attributed to recent announcement on the launch of Bitcoin futures by Bakkt.

Bitcoin (BTC) investors are now seeing reasons to smile to the bank as each breaking of the day means another huddles to overcome for Bitcoin, the largest cryptocurrency by market cap.

At the time of writing, Bitcoin is 7,829.47 US Dollars, closing the $8000 gap, a feat that is achievable for the digital currency in a matter of minutes considering its upsurge rate.

Bitcoin (BTC) has not been the only digital asset in this market price acceleration as almost all major and minor cryptocurrencies are as well sharing from the significant movement of BTC as it sets the pace.

Also Read: Report says Ripple’s XRP is the Appropriate Diversified Investment

Impact of Bakkt Announcement on BTC Price

Bitcoin has been growing with no notable energy behind its outstanding upsurge in the cryptocurrency market, but a notable announcement was made today, 13th May 2019, by Bakkt on the launch of bitcoin futures contracts.

Also READ  Bitcoin Pump or Dump? Tether Prints $250 million USDT in Seven Days

Bakkt is an ecosystem made as a supportive measure for regulated cryptographic projects, and its recent announcement has really impacted the price growth of all cryptocurrencies especially BTC which experienced about 14% price rise in 24 hours.

Before Bakkt’s public notice of bitcoin future contract launching, Bitcoin was stable at around 7300 US dollars, but in the interval of minutes after the announcement, BTC price surged to break $7800 mark, advancing to overcome $8000 resistance.

According to report, Bakkt partnered ICE Clear US and ICE Futures U.S to achieve the distinct result of developing bitcoin futures, working with CFTC to come out with regulatory complaint and customer friendly smart contract.

Don’t Bet against Bitcoin, Changpeng Zhao of Binance Warns Crypro Enthusiasts

Changpeng Zhao, founder and CEO of Binance, has warned cryptocurrency enthusiasts and investors not to bet against Bitcoin in a gesticulated post on twitter.

Also Read: Bitcoin (BTC) Falls Below $7,000 But John McAfee is Saying BTC Growth Unstoppable!

The embattled Binance CEO who recently lost 7000 BTC in hackers’ attack after a breach in security system, seems convinced that Bitcoin’s steady rise in price might not be disrupted by any external force, so nobody should bet against it.

Pompliano’s Reaction to the steady Rise in Bitcoin Market Price

Pompliano, Co-founder & Partner at Morgan Creek Digital, is a well-known Bitcoin enthusiast and a BTC investor who has been standing tall in defending the reputation of the digital asset each time pessimists show up.

Also READ  Pompliano: How Bitcoin Miners Could Aid Bitcoin Price Surge in 2020 Halving

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Pompliano recently took to twitter to hit the minor digital currencies that are being overshadowed by the price upsurge of BTC, pointing that institutions keep plunging into the success train of Bitcoin to invest, while shitcoins are being neglected.

Conclusively, Bitcoin is not relenting as its price rises, and potential buyers are seeing reasons to reconsider their stance or unbelief to invest, while investors that have accumulated the precious digital asset are enjoying the euphoria of the moment. Will BTC stay on the course of breaking price records? Only time will tell.

I am a creative writer and a cryptocurrency enthusiast. Learning and writing about Bitcoin (BTC), Ripple's XRP, and TRON (TRX) are my hobbies.

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