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The reasons why Bitcoin up-doun the price.
Below are some of the factors that are among the common triggers to consider when trading:
1) Demand and supply
2) Media hype
3) Increasing validity
4) FOMO
The details are given below::
1) Demand and supply
Bitcoin follows the general law of price supply and demand.
Bitcoin supply is often compared to gold because there are a limited number of bitcoins, which can be estimated - only 21 million.
The demand side works like any other asset here, the more investors enter the bitcoin market, the higher the price of bitcoin will be.
2) Media hype
Bitcoin and other cryptocurrencies influence prices and the biggest source is the media.
Advertising may not increase people's understanding, but it does increase investor interest.
3) Increase validity:
The arrival of institutional investors and the adoption of PayPal's cryptocurrency gives Bitcoin more legitimacy as it spreads beyond the conventional financial system.
Under the guidelines of the United States Office of the Currency (OCC), domestic banks can use stable currency to participate in payment, settlement and blockchain networks, contributing to greater legitimacy of digital currency.
4) Fear of losing (FOMO)
The Bitcoin rally in 2017 was largely fueled by retail cryptocurrency enthusiasts, the latest Bitcoin trends Micro Strategy and public companies including Square invested millions of dollars in Bitcoin (BTC).
This has opened the door for other companies to consider it as an effective reserve asset.
MicroStrategy acquired BTC 425 million in August 2020, launching a chain reaction.
Square in October after its 50 million investment.
And PayPal has become the icing on the cake, allowing hundreds of millions of users to buy, store and sell bitcoin.
Institutional investors, fearing losing big returns, have invested billions of dollars in the encryption market, which is playing a key role in the growth of Bitcoin like a fire.