Over the last weekend, the price per bitcoin once again increased strongly: + 20%. The strong upturn in the course of course also attracted the interest of many experts.
Market observers see various reasons for recent price rises. Right at the forefront is the current "Brexit" debate, the increasing popularity of blockchain technology and, of course, the imminent bitcoin blockhalving.
Tim Enneking from the EAM Cryptocurrency Fund also sees the possible brexit as a spa driver. The Bitcoin Block-Halving The upcoming bitcoin halving, where the reward for the miners will be halved, will also be seen as a potential trigger for the price rise.
After the blockhalving, which is believed to be held on 10 July, the miners will receive only 12.5 BTC instead of 25 BTC per block. Rick Willard, founder CEO of Agentic Group LLC, said that the halving is expected by many people "with great tension" and compared the event with a "stock split". You Jun, co-founder of the Chinese Bitcoin stock market Huobi said the halving would shake the balance between supply and demand. He also said that the event is largely viewed as positive and the rising price is the first harbinger of it.
"For me, this is a clear signal that Fiat currencies like Euroyuan and US Dollar are flowing into Bitcoin and not just Ether in Bitcoin is exchanged. "The assertion that there was a strong bullish mood at the weekend is supported by market data from the Whale Club, where the longs were on the 11th and 12th of June at 75 and 94%, respectively. The Bitcoin offer on the exchanges had a hard time at the weekend and could hardly cover the demand. According to Petar Zivkovski, therefore, many of the price increases were not caused by an exorbitantly high demand, but rather by a very low supply, since hardly anyone wanted to sell Bitcoin:
"In this case, the low sales interest for a liquidity vacuum produced in the regular Buyers (no big fish) can significantly influence the price. "The China Debacle
As mentioned last week, many experts assume that China is the driving force behind the leap. Hayes predicts that the Federal Reserve will not increase the rate "in the foreseeable future" and that the PBOC will slow down or even partially reverse the depreciation.
English original version of Charles L. Bovaird II via CoinDesk