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Bitcoin is trading at mid-week$ 8750 and today it can test values above $ 9000. The first cryptocurrency for the first time since 2012 begins a new 12-month period with a sharp strengthening of its market position.
For the first half of January 2020, BTC grew by more than 20%, pulling along almost all the major altcoins.
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On air of CNBC, co-founder of Kenetic Capital investment company Cihan Chu shared his opinion on the main reasons for the coin to take off.
"The uncertainty surrounding Iran and the positive outcome of the launch of CME bitcoin options have become powerful catalysts that have caused a spurt in bitcoin and altcoins."
Cihan Chu is known for having repeatedly spoken about the imminent transition of Bitcoin to the phase of aggressive growth. His company, Kenetic Capital, is investing in blockchain startups.
According to Chu, in the cryptosphere over the pastInstitutional capital began to enter more actively for several days. The phase of exacerbation of volatility that we are observing now is precisely the result of a sharp increase in investments from institutional groups, which strengthened BTC and altcoins.