{"id":141618,"date":"2019-02-11T11:55:10","date_gmt":"2019-02-11T16:55:10","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=141618"},"modified":"2019-02-11T17:21:08","modified_gmt":"2019-02-11T22:21:08","slug":"what-are-the-three-key-drivers-for-bitcoins-price-rebound","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/02\/what-are-the-three-key-drivers-for-bitcoins-price-rebound\/","title":{"rendered":"What are the three key drivers for Bitcoin\u2019s price rebound?"},"content":{"rendered":"
February 11, 2019<\/div>
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By George Prior<\/strong><\/p>\n

Bitcoin is finally on the verge of breaking out of the bearish sentiment that has gripped the cryptocurrency market, affirms the CEO of one of the world\u2019s largest independent financial advisory organizations.<\/p>\n

The comments from Nigel Green, chief executive of deVere Group, follow surging Bitcoin prices at the end of last week.\u00a0 On Friday, the world\u2019s largest and original digital currency jumped around 10 per cent within 24 hours, pushing past $3,700 for the first time in three weeks.<\/p>\n

He observes: \u201cIt was a relatively sudden jump, and, of course, positive news for those\u00a0holding Bitcoin.<\/p>\n

\u201cHowever, the price\u00a0only reached the top of the trading range and investors should not be popping champagne corks just yet.\u201d<\/p>\n

Mr Green continues: \u201cThere are three likely drivers of Bitcoin\u2019s price spike.<\/p>

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\u201cFirst, there are widely published reports that according to a leaked interview with a commissioner, a Bitcoin ETF could imminently secure approval from the\u00a0U.S.\u00a0securities watchdog.<\/p>\n

\u201cSecond, the development of the lightning network which will dramatically improve Bitcoin\u2019s well-documented scalability issues, allowing it to move towards mass adoption.<\/p>\n

\u201cAnd third, the 2020 Bitcoin halving.\u00a0 The code for mining Bitcoin halves around every four years\u00a0and the next one is set for May 2020. When the code halves, miners receive 50 per cent fewer coins every few\u00a0minutes.\u00a0 History shows that there is typically a considerable Bitcoin surge resulting from halving events.\u201d<\/p>\n

The deVere CEO concludes: \u201cBitcoin is the flagship cryptocurrency and, as such, we can expect when its values\u00a0climb, it will drive prices of other major digital currencies such as Ethereum and XRP.\u201d<\/p>\n

About:<\/strong><\/em><\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior Bitcoin is finally on the verge of breaking out of the bearish sentiment that has gripped the cryptocurrency market, affirms the CEO of one of the world\u2019s largest independent financial advisory organizations. The comments from Nigel Green, chief executive of deVere Group, follow surging Bitcoin prices at the end of last week.\u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-141618","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/141618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=141618"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/141618\/revisions"}],"predecessor-version":[{"id":141619,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/141618\/revisions\/141619"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=141618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=141618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=141618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}