Bitcoin has seen a remarkable surge over the past week, with prices soaring by more than 30%. This marks the highest level that Bitcoin has been trading at this year and is being attributed to global banks roiling.
The cryptocurrency market as a whole has seen an increase in activity since April when Bitcoin began its impressive rally from around $4,000 to now just under $9,000. Analysts believe that investors have turned towards cryptocurrencies due to increased uncertainty surrounding traditional markets and currencies caused by geopolitical events, such as Brexit and US-China trade tensions.
Experts are predicting further bullish price action for Bitcoin in the coming weeks. They cite increasing institutional interest from large financial institutions such as Fidelity Investments, which recently launched its crypto trading platform for institutional investors as evidence of this trend continuing into 2020. Additionally, major technology companies like Facebook entering into the blockchain space could also be driving up demand for digital assets like bitcoin further contributing to its rising value on the market today.
Overall, it appears that bitcoin’s recent surge is likely here stay given these developments within both the traditional finance world and the tech industry alike; however, only time will tell if these predictions come true or not.
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