Bitcoin Watch – Analysts weigh in on why Bitcoin is surging

Bitcoin’s value has increased again overnight to over USD8,300, the highest it has reached since 21-May-2018. Analysts are beginning to weigh in on why the increase has occurred from a bottom value of USD5,800. According to FastCompany.com there are a few factors at play that could be contributing to this surge:

  • Institutional interest: Financial organisations like Blackrock and Mastercard have recently made their interest in bitcoin known.
  • Hopes for a bitcoin ETF: Similarly, the possibility of a bitcoin-based exchange-traded fund has seemed more likely of late. While the SEC has been reticent to allow for a crypto-based ETF, two organisations have resubmitted proposals that are giving hope to many bitcoin evangelists.

Stay updated here with how the cryptocurrency is tracking: