Cryptocurrency News Today – If yo’ve been paying attention, you’ll know that the cryptocurrency market recently enjoyed a bull run. The flagship cryptocurrency, Bitcoin, surged above the $11,000 level dragging Ethereum and XRP along. However, apart from the two largest altcoins, other altcoins didn’t record any significant gains. This allowed the Bitcoin’s market share to surge to 59%. Members of the cryptocurrency market have been trying to determine the catalyst behind the crypto bull run. Different school of thoughts have come up with different reasons. However, our cryptocurrency news today is about what a Forbes contributor Billy Bambrough has to say about the cryptocurrency market bull run.
Cryptocurrency News Today – Cryptocurrency Market Bull Run – Bitcoin Bull Run – Crypto Latest Update
For the first time since March 2018, Bitcoin crossed the $10,000 mark in an epic parabolic bull run. As if this wasn’t enough, it surged above the $11,000 mark testing $11,200 before it started correcting lower. Even if the momentum has gone done, the bulls aren’t out of the game yet. The Bitcoin technical analysis shows that the price of BTC is going to move higher near-term. Members of the cryptocurrency community started calling for a more intense Bitcoin bull run than what took the flagship cryptocurrency to its all-time high in 2018.
Bitcoin (BTC) Price Today – BTC / USD
According to Bambrough, this spike in the price of Bitcoin was primarily fueled by a surge in the demand for Bitcoin in India. For the last few months, the government and regulatory bodies in India has been cracking down on cryptocurrencies and internet services. The panel that was set up to examine the nature of cryptocurrencies has been pushing for a blanket ban on cryptocurrencies. Their claim is that these cryptocurrencies are no more than ponzi schemes aimed at deceiving the public.
The government’s efforts against Bitcoin and other decentralized services has only helped to create more awareness. People who previously didn’t know about decentralized services and the benefits they present now know about it and want to benefit from it. This is why the demand for Bitcoin has been on an increase rather than a decrease in India.
Another factor that possibly contributed to the recent cryptocurrency bull run is the upcoming release of the Facebook Libra. A few days ago, the social media and tech giant released its white paper where it stated the details about Libra. This move alone has cemented the legitimacy of Bitcoin and other cryptocurrencies making it more difficult for the Indian government to justify the blanket ban of cryptocurrencies. The CEO of WaxirX, a cryptocurrency exchange in India, Nischal Shetty, speaking to the news outlet Quartz, had this to say;
“The panel report held weight before Facebook announced its plans. The tech giant launching a similar currency provides some sense of legitimacy. If Facebook is going to come up with this, then other tech companies may follow suit. It is hard to believe the government will say that such big companies are also into a Ponzi scheme.”
Well, he isn’t the only one who believes that the announcement by Facebook contributed to the bull run. Many other public figures, including Ripple’s Brad Garlinghouse, have expressed the same opinion.
What do you think? Is the cryptocurrency situation in India and the release of the Facebook cryptocurrency responsible for the cryptocurrency bull run? Share your thoughts in the comment section below.