Top three Reasons Why Bitcoin – s Price is Rising Right Now – The Merkle

Top three Reasons Why Bitcoin’s Price is Rising Right Now

While Bitcoin’s market has been uncertain in the past week, there is no doubt that the price is holding support remarkably well. Even however there are fairly a few issues that are hindering Bitcoin’s growth, there are also other events which are contributing to the cryptocurrency’s global adoption. This article will discuss the top three reasons why Bitcoin’s price is presently rising.

Three. Wanna Sob Ransomware

I am sure you have heard of the latest world’s largest ransomware attack by the name of Wanna Sob, aka Wana Decryptor. The aggressive ransomware has infected over 200,000 machines and so far has collected over $80,000, according to @actual_ransom – a twitter bot set up to track the ransomware.

The three bitcoin wallets tied to #WannaCry ransomware have received two hundred seventy three payments totaling 44.84252902 BTC ($80,802.04 USD).

While it is unfortunate that Wana Decryptor has plagued cyberspace, its coverage in the media has brought attention to Bitcoin, the only payment method accepted by the malware. Furthermore, the fact that the ransomware attack began amid Bitcoin’s price rally only contributed to the positive momentum, which is most likely why the current support at $1700 is holding so strong.

Even however using a ransomware to spread awareness about Bitcoin might not be beneficial to the cryptocurrency’s reputation, the idea that Bitcoin is used by criminals is not a fresh revelation by any means. Most people who know about Bitcoin already know that it is used on dark net markets for illicit purposes, so any more news about it being used by criminals most likely won’t have much of an affect on the market.

Two. The Flippening

Altcoins existed ever since Bitcoin’s creation. Up until this year they have been considered second-rate projects as they were perceived to be simply clones of Bitcoin. However, as Bitcoin’s scaling debate intensified and users sought a solution, alternative cryptocurrencies commenced to flourish. The Flippening is a paradigm shift where investors are kicking off to look at altcoins as having value in different ways compared to Bitcoin. While at very first that may seem like bad news for Bitcoin, the entire ecosystem shares the benefits.

Crypto’s overall market cap (including Bitcoin)

While Bitcoin’s dominance among altcoins is ripping off, according to coinmarketcap, cryptocurrencys’ overall market cap has been rising exponentially, it benefits Bitcoin as well. Just like altcoins benefited from fresh money flowing into Bitcoin, BTC benefits from the nosey investors interested in the cryptocurrency niche as a entire.

1. Japan’s Adoption

Last but not least, one of the thickest driving compels behind Bitcoin’s meteoric price rise is Japan’s adoption and legislation of crypto. After passing official KYC / AML laws regulating exchanges in Japan, the government essentially green-lighted the legal operation of cryptocurrency exchanges.

The fresh legislation enhanced Bitcoin’s popularity in the country and also invited Chinese investors who were looking to escape the country’s taut grip on the sector. In fact, withdrawals for Chinese exchanges have been suspended for a few months now. There is a light in the tunnel as the PBoC released a statements which hints that withdrawals may resume soon. While there is no definitive date, rumors have it that things may lodge in June. Chinese news resource cnLedger had the inwards scoop:

A fresh round of PBoC meetings are expected to be held next week, for discussion of regulation draft details w/ goes of Chinese BTC exchanges

If you liked this article, go after us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

About The Author

Mark is a twenty four year old cryptocurrency entrepreneur. He was introduced to Bitcoin in two thousand thirteen and has been involved with it ever since. He used to mine bitcoins and altcoins but now concentrates on blogging and educating others about digital currencies.

Top three Reasons Why Bitcoin – s Price is Rising Right Now – The Merkle

Top three Reasons Why Bitcoin’s Price is Rising Right Now

While Bitcoin’s market has been uncertain in the past week, there is no doubt that the price is holding support remarkably well. Even however there are fairly a few issues that are hindering Bitcoin’s growth, there are also other events which are contributing to the cryptocurrency’s global adoption. This article will discuss the top three reasons why Bitcoin’s price is presently rising.

Trio. Wanna Sob Ransomware

I am sure you have heard of the latest world’s largest ransomware attack by the name of Wanna Sob, aka Wana Decryptor. The aggressive ransomware has infected over 200,000 machines and so far has collected over $80,000, according to @actual_ransom – a twitter bot set up to track the ransomware.

The three bitcoin wallets tied to #WannaCry ransomware have received two hundred seventy three payments totaling 44.84252902 BTC ($80,802.04 USD).

While it is unfortunate that Wana Decryptor has plagued cyberspace, its coverage in the media has brought attention to Bitcoin, the only payment method accepted by the malware. Furthermore, the fact that the ransomware attack began amid Bitcoin’s price rally only contributed to the positive momentum, which is most likely why the current support at $1700 is holding so strong.

Even tho’ using a ransomware to spread awareness about Bitcoin might not be beneficial to the cryptocurrency’s reputation, the idea that Bitcoin is used by criminals is not a fresh revelation by any means. Most people who know about Bitcoin already know that it is used on dark net markets for illicit purposes, so any more news about it being used by criminals most likely won’t have much of an affect on the market.

Two. The Flippening

Altcoins existed ever since Bitcoin’s creation. Up until this year they have been considered second-rate projects as they were perceived to be simply clones of Bitcoin. However, as Bitcoin’s scaling debate intensified and users sought a solution, alternative cryptocurrencies commenced to flourish. The Flippening is a paradigm shift where investors are kicking off to look at altcoins as having value in different ways compared to Bitcoin. While at very first that may seem like bad news for Bitcoin, the entire ecosystem shares the benefits.

Crypto’s overall market cap (including Bitcoin)

While Bitcoin’s dominance among altcoins is pulling down, according to coinmarketcap, cryptocurrencys’ overall market cap has been rising exponentially, it benefits Bitcoin as well. Just like altcoins benefited from fresh money flowing into Bitcoin, BTC benefits from the nosey investors interested in the cryptocurrency niche as a entire.

1. Japan’s Adoption

Last but not least, one of the largest driving compels behind Bitcoin’s meteoric price rise is Japan’s adoption and legislation of crypto. After passing official KYC / AML laws regulating exchanges in Japan, the government essentially green-lighted the legal operation of cryptocurrency exchanges.

The fresh legislation enhanced Bitcoin’s popularity in the country and also invited Chinese investors who were looking to escape the country’s taut grip on the sector. In fact, withdrawals for Chinese exchanges have been suspended for a few months now. There is a light in the tunnel as the PBoC released a statements which hints that withdrawals may resume soon. While there is no definitive date, rumors have it that things may lodge in June. Chinese news resource cnLedger had the inwards scoop:

A fresh round of PBoC meetings are expected to be held next week, for discussion of regulation draft details w/ goes of Chinese BTC exchanges

If you liked this article, go after us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

About The Author

Mark is a twenty four year old cryptocurrency entrepreneur. He was introduced to Bitcoin in two thousand thirteen and has been involved with it ever since. He used to mine bitcoins and altcoins but now concentrates on blogging and educating others about digital currencies.

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