No doubt, this is a shocker because the prize of bitcoin hasn’t been this high in about two years and no one knows why is bitcoin going up right now, and bullish investors in the world’s most popular cryptocurrency are seeing fresh reasons to cheer for the asset.
The most recent price movement captured by Bull Is Coming showed a BTC whale moving about $34 million worth of cryptos to Coinbase, the world’s most valuable crypto exchange company.
What You Need to Know: In the crypto-verse, traders, or global investors who own large numbers of BTCs are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
But now the question is WHY IS BITCOIN GOING UP RIGHT NOW? if you have a clue or you want to contribute, you can drop your suggestions in the comment section below.
What We Feel Is The Reason Why Bitcoin Is Going Up Right Now
Here are some factors that we think is directly or indirectly in favour of the current prize trend of bitcoin. .
- PayPal said that users on its platform will be able to purchase bitcoin BTCUSD, 2.81%, as well as other sister cryptos like ethereum ETHUSD, 7.71%, Bitcoin Cash BCHUSD, 4.06%, and Litecoin LTCUSD, 6.70%.
From Data collection from Marketwatch, That news has helped to drive the value of bitcoin to just under $13,000, marking its highest level since around January of 2018, when the appetite for blockchain-backed currencies was just off its apex.
With PayPal’s 346 million users and 26 million merchants this development brings digital assets to the mainstream public in a more meaningful way than anything else we have seen this year,” wrote Charles Hayter, founder, and chief executive officer at CryptoCompare, which provides cryptocurrency data and analytics.
But then, PayPal’s report isn’t the only reason that digital currencies are garnering more shine, after the price of bitcoin’s staged a stunning collapse from a December 2017 peak at around $20,000 a bitcoin.