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Bitcoin (BTC) price surged to $70,079 before quickly reversing. But why? The king of cryptocurrency turned its mid-term outlook strongly positive following Trump’s weekend statements. So, what are the current predictions?
Why Are Cryptocurrencies Rising?
After exactly 49 days, Bitcoin (BTC) surpassed $70,000 again. The last time the king of cryptocurrency saw this price was on June 10, and it increased as expected about half an hour before the U.S. market opened. Investors thought the latest rise would fail, but due to the completion of MtGox refunds and Trump’s statements, this rise might continue this time.
Although it fell below $70,000 at the time of writing, BTC price might continue to rise with the renewed strength of demand in the ETF channel. On the other hand, the Fed meeting and the data coming on Friday might make short-term investors cautious again, and we will see how this affects the price. BTC, which did not meet expectations in June, fell to $53,522 within about 50 days. Now, as investors approach the end of the summer period, they are focusing on the expected third-quarter rise.
