Bitcoin Nears $6,000

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Bitcoin jumped by about 10% today from circa $5,300 to $5,800 before seemingly settling at around $5,700 at the time of writing.

Its trading volumes are now close to $20 billion with significant premium on Bitfinex where bitcoin’s price has already crossed $6,000.

It appears Bitfinex is going through some sort of bank run as cryptonians seemingly exchange their USDT for cryptos to move them out of the exchange.

Bitcoin’s current price on one hourly candles, May 2019

The Bitfinex news is somewhat old so it isn’t clear why there would be price pressure now instead of when news broke out late last month.

There may be other causes, therefore. One of them is an uptrend since December 2018. According to a veteran trader, Peter Brandt, there has now been a weekly uptrend for the first time since 2015.

Other cryptos are up as well, but bitcoin is leading for the day, crossing the $100 billion market cap for the first time in many months.

Increasing adoption in Latin America is probably one reason for this upwards price pressure. China’s return through a Tether route-around bypassing of restrictions, might be another reason.

Initial Exchange Offerings (IEOs) are apparently very big in Asia. The entrance to them for China is by first turning yuan into tether then probably bitcoin.

The oldest crypto is also awaiting new infrastructure. Bakkt is one of them. The ETF will probably eventually debut, with the question being when. The Lightning Network is still very raw, but it is gradually improving.

Another upwards pressure might be the institution of censorship against what some perceive as the undesirables. Many of them are turning to bitcoin.

All of these different use cases might now be combining to create a crypto spring as bitcoin heads towards the 2020 halvening, the third since its invention.

Copyrights Trustnodes.com

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