The enthusiasm within the cryptocurrency market took hold of both institutional investors and bullish traders, this after the Bitcoin broke the psychological barrier of $31,000 and even bounced up to $30,816.73 according to data reported on the Coingecko portal.
In this sense, beyond the data reported on the Coingecko portal that favored Bitcoin's price action, it is important to know what is behind or rather what elements triggered the cryptocurrency market to bounce slightly upwards.
It is known that some of the elements that detonated for the cryptocurrency market to bounce slightly upwards, for example it has been disclosed that "Recent announcements about financial product projects backed by this cryptocurrency boosted the price of bitcoin in the last sessions".
According to information published in the Hispanic portal El Universal, Edward Moya, an analyst at Oanda said that "The cryptocurrency market continues to vibrate at the idea of a financial product linked to bitcoin in the United States", which would allow investors to bet on the virtual currency as a regulated financial product.
From my perspective the action sounds favorable, we will have to wait and see how the price action continues to progress in the coming weeks.
SOURCES CONSULTED
Ambito. Bitcoin soars to highest level in a year. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: ElUniversal
