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Bitcoin price explodes about 10 percent – these are the reasons

After Wednesday's heavy share price fell fall on the crypto-market, Bitcoin & co. in the deep red Numbers, it came today to a yo-yo effect. The price of Bitcoi

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Bitcoin price explodes about 10 percent – these are the reasons

After Wednesday's heavy share price fell fall on the crypto-market, Bitcoin & co. in the deep red Numbers, it came today to a yo-yo effect. The price of Bitcoin has risen since noon today to 12 PM fast. As this movement is on the crypto-market to classify.

By Sven Wagenknecht
On the 25. October 2019BTC$9.443,41 0.03%part Facebook Twitter LinkedIn xing mail

at midday today (12 PM CET), listed on the Bitcoin exchange rate at around 7,500 US dollars. Then he continued to rise and climbed to about US $ 300 to 7,800 US dollars (at 17:30 CET). The same route the price of Bitcoin back again, but this time within 30 minutes. Now he stands at 8,100 US dollars and, therefore, in the case of a 24-hours-Plus of about 10 percent (at 18:10 CET). Among the Top 30 crypto-currencies, only Bitcoin SV to beat this value and an increase of about 20 percent make it. Overall, almost all crypto-currencies are in the green area.

What is going on in the crypto market?

such volatility within a week, it is no longer used by the crypto-market. In recent months, the volatility had been reduced to an almost boring level. The reason for this extreme market movement, however, is – at least according to the current editing status – not in fundamental News justified. Is not to mean that the significant price movements in the reference is accompanied by messages with direct Bitcoin. Also, there are no abnormalities in the network status of the Bitcoin Blockchain.

Is China behind the Bitcoin price explosion?

However, the Binance CEO, Changpeng Zhao has spread, via Twitter and positive mood. So had spoken, the Chinese head of state Xi Jingping today, very sympathetic to the Blockchain-technology and massive investments announced. Although he was not on Bitcoin, what is prevented, however, Zhao is to use this as a hanger.

Today, President Xi Jinping stated that he supports the development of the Blockchain by China strongly (or necessary). No predictions, but your own conclusions. We are still here.

Accordingly, it is quite fitting that the Post has led Twitter to a euphoria on the crypto-market. Accordingly, this could lead to a significant counter-movement on the beleaguered crypto-market. This positive correction, in turn, is supported by technical indicators, which reinforce the momentum just yet.

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Neither of the Crash on Wednesday, today's counter-movement are as sustainable to be classified. Rather, the volatility seems to be back.

Also Bitcoin Futures go through the roof

This reaction is reflected in the high trading volume of the Bakkt Futures. The sudden outbreak of the Bitcoin exchange rate has caused the institutional clients of the trading platform Bakkt on the Plan: After the trading day had unspectacular starts, it can Bakkt recorded a new all-time high for its Bitcoin Futures.

However, the volume of the Bakkt Bitcoin Futures is not high enough to influence the Bitcoin rate significantly. Rather, the Bitcoin futures contracts serve as an important mood barometer. Investors should keep in this current scenario, the stock market wisdom: "Political stock markets have short legs".

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