Bitcoin Soared To $9400: Three Reasons of Its Spike in Price

Bitcoin Soared To $9400: Three Reasons of Its Spike in Price

Bitcoin has recently pleased its crypto fans by soaring to more than $9400 per coin. The world’s first cryptocurrency gained more than 150% in comparison to the Bitcoin’s price one year ago. This demonstrates that Bitcoin is still able to raise awareness, however, let us talk about the reasons for such a spike in price

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For some analysts, including Spencer Bogart, General Partner at Blockchain Capital, Facebook’s crypto coin is the primary source of Bitcoin’s growth. The upcoming release of Libra’s whitepaper on June 18 and its potential launch in 2020 have created a good environment for Bitcoin’s price to increase at least in 2019/2020.

Source: CoinDesk

Another reason is that Binance banned US customers from trading on the exchange by changing terms of use on June 14. Some believe that the users may exchange their assets from BNB coin to Bitcoin pushing the top crypto even higher. Alex Kruger, Fundamental & Technical Analyst, supported selling BNB and buying BTC.

The third reason is Litecoin’s halving event. The coin’s company plans to cut down the reward for mining cryptocurrency by half. This happens when an overall boost in value prevails on the crypto markets. The having will take place on August 9, 2019.

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