Why Is Bitcoin Surging? 3 Potential Factors Behind Bitcoin’s Promising Rise

As we approach the middle of May in 2019, we have seen the price of Bitcoin skyrocket to approximately $8,000 at the time of writing, an impressive leap from the opening price of around $4,000 on January 1st of this year. Despite some negative press and the large bubble burst that took place towards the end of 2017 and the beginning of 2018 that left investors cautious, Bitcoin’s recovery serves to prove its resilience and popularity among its users.

Date: 
May 15, 2019
Read time: 
3 minutes

Why Is Bitcoin Surging? 3 Potential Factors Behind Bitcoin’s Promising Rise

Author: Dylan B
Date: 
May 15, 2019
Read time: 
3 minutes

As we approach the middle of May in 2019, we have seen the price of Bitcoin skyrocket to approximately $8,000 at the time of writing, an impressive leap from the opening price of around $4,000 on January 1st of this year. Despite some negative press and the large bubble burst that took place towards the end of 2017 and the beginning of 2018 that left investors cautious, Bitcoin’s recovery serves to prove its resilience and popularity among its users.

As we approach the middle of May in 2019, we have seen the price of Bitcoin skyrocket to approximately $8,000 at the time of writing, an impressive leap from the opening price of around $4,000 on January 1st of this year. Despite some negative press and the large bubble burst that took place towards the end of 2017 and the beginning of 2018 that left investors cautious, Bitcoin’s recovery serves to prove its resilience and popularity among its users.

Some were worried after the Bitcoin bubble popped that it would not be able to return to its former glory but as you can see by the price in the introduction paired with Bitcoin’s current performance, this is far from the case.

The biggest question among investors and enthusiasts is no longer one regarding when the Bitcoin price will take off but why it is taking off now. For those who are curious as to some of the key factors driving this price jump, here are 3 key reasons that may be helping to fuel this rise.

1. Fidelity Will Soon Be Trading Crypto

While the Boston-based asset management company Fidelity Investments has long been interested in the cryptocurrency space, it was announced on May 6th that this giant would soon be purchasing and selling Bitcoin for its customers and that this major change would be taking place within a few weeks after the announcement was made. As can be seen in recent news, the growing faith and involvement of major institutions in cryptocurrency have helped to further strengthen the market and this news on its own helped Bitcoin to rise 5 percent within the first few hours after the announcement.

2. Facebook (Among Others) to Launch Cryptocurrency

Although they’ve done their best, Facebook’s planned cryptocurrency is hardly a secret and continuous reports of developments have been spilling out to the public, igniting excitement among crypto enthusiasts and those who already send payments across the platform as well. Considering Facebook’s power and influence, it is no surprise that this news has managed to excite everyone and some speculate that it is major events like these that are helping to boost the current price of Bitcoin. After all, adoption and press have proven to be excellent promoters of rising prices in the past.

Get More Knowledge: 17 Best Crypto Tools You Should Use

3. Stronger Relations Between Crypto/Blockchain Community and Government

Government regulations are here to stay but that doesn’t mean that crypto still can’t find a place in this world. For example, the SEC have recently been working more closely with developers and entrepreneurs to ensure that all regulations are being met and that relationship between the two seemingly opposite groups grow. Along with this, we are seeing more investment vehicles being planned that mimic traditional offerings such as Bitcoin ETFs. Further trust and further security results in a stronger foothold within the financial landscape for cryptocurrencies like Bitcoin.

Some were worried after the Bitcoin bubble popped that it would not be able to return to its former glory but as you can see by the price in the introduction paired with Bitcoin’s current performance, this is far from the case. Hopefully, as more developments such as the ones listed above occur, we will see increased growth and increased adoption with Bitcoin.

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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