Why has Bitcoin risen in recent days? - Personal opinion
Hello friends of Project Hope, greetings and best wishes to all.
Today I want to share what I have been reviewing and it seems to be the cause of this rise in Bitcoin, which is so big these days and which is filling the entire market with a lot of optimism.
Just a few days ago, Bitcoin was hovering around $40-41k, but in a matter of a few days its price rose and reached $50,000, a price where it still remains. But what made this happen? That the price has risen in this way, I will share below.
BTC is being increasingly accepted as a valuable asset, I would even go so far as to say that it has come to be seen as a good refuge, given that fiat money is increasingly losing value.
Institutions are making large investments in ETFs, which has caused a huge increase in demand for BTC. These fund managers like BlackRock are assuming more and more power in the crypto environment, and to tell the truth, I don't think it's a very good thing at all, but it is happening.
The reality is that there is increasingly a problem of imbalance between supply and demand. Where demand is increasing, supply is decreasing.
And if we add to this the reality that with the halvin the supply of Bitcoin will be reduced by half, we could keep in mind that it will be a strong catalyst for the rise of the price of Bitcoin.
So, from what I can see, we are going to have a great year for cryptocurrencies in general because later, and sooner rather than later, Ethereum ETFs are also in the approval process. Let's wait and take advantage.
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Hi @josevas217
Thanks for sharing your personal opinion. I think that considering the fact that ETF just took place and we are also past stage of initial profit taking, plus halving is coming and investors anticipate interest rates cuts in US ... that causes most people to hold on to their crypto.
There is simply not that many people willing to sell while constant demand coming from blackrock and other investment funds is obviously there. It's hard not to expect that crypto market will continue heading up.
At the same time I would not be surprissed if those big boys would use their resources to crash the market once every now and then. And wipe out all those who over-leverage themselfs.
Dream of asset class independent from those big entities is already dead. Dream behind BITCOIN got hammered with ETF approval.
Cheers, Piotr