Bitcoin is trading at the level of$8750 and could test values above $9000 today. For the first time since 2012, the first cryptocurrency begins a new 12-month period with a sharp strengthening of its position in the market.
For the first half of January 2020, BTC grew by more than 20%, pulling along almost all the major altcoins.
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.
He said:
«The uncertainty surrounding Iran and the positive result of the launch of CME Bitcoin options were strong catalysts that caused a surge in Bitcoin and altcoins».
Jihan Chu is known for the fact that he has previously repeatedly spoken about Bitcoin’s imminent transition to an aggressive growth phase. His company Kenetic Capital invests 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.
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