Bitcoin is Back Over $10,000 and is Nearly at $11,000 Per Coin

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Bitcoin is Back Over $10,000 and is Nearly at $11,000 Per Coin

Bitcoin is nearly at $11,000 and other major cryptocurrencies ike ethereum are also up.

There seem to be four major driving factors:
1. Facebook is creating the Libra cryptocurrency, a new digital wallet called Calibra, and there are many powerful companies in the Libra Foundation including Visa. This is seen as validation for Bitcoin and the other major cryptcurrencies. There is also the belief that Amazon, Alibaba and other major technology companies could follow Facebook.

2. There is a halvening event coming May 2020. The next bitcoin halvening is expected on May 22 2020 and this means the coin reward for mining new bitcoin blocks will drop from 12.5 bitcoin to 6.25 bitcoin. This will tend to reduce supply of new coins and has historically increased prices in anticipation of each halvening.

3. The bitcoin price spike was led by India, with bitcoin trading at a $500 premium on the few remaining local exchanges as the government cracks down on internet services such as messaging app Telegram and news aggregator Reddit. The attempt at a crackdown has caused a surge in interest in bitcoin.

4. There is also the FOMO. (Fear of Missing Out). The surge is also a self-perpetuating speculation boom.

By | 2019-06-24T00:16:04+00:00 June 24th, 2019|Categories: blockchain, cryptocurrency, exchanges, fintech, internet of things, technology, world|Tags: , , , , |Comments Off on Bitcoin is Back Over $10,000 and is Nearly at $11,000 Per Coin

About the Author:

Brian Wang, MBA and BSc, is a business oriented futurist, speaker and author of emerging and disruptive technologies. Sole author and writer of nextbigfuture.com, a science focused news site that covers disruptive technologies and trends globally in industries including Medicine, Technology, Science, Artificial Intelligence, Robotics, Biotechnology, Nanotechnology, etc. Nextbigfuture is Ranked #1 “Science News Blog” worldwide by Alexa, an Amazon company. Website traffic: 2M page views per month and 4M unique readers annually. Lecturer at Singularity University - provided 4 annual reviews of developments in nanotechnology. Sought after speaker at TEDx (lecture on Energy), University of Toronto (futurism) and Transhuman Visions. Contributor on 10-year plan for the Institute for the Future.