Why the price of Bitcoin is up
Eight out of 10 panelists think the price of Bitcoin increased due to crypto-related announcements made at Consensus 2019 in New York City, such as those by Bakkt and Microsoft.
BitBull Capital Chief Operating Officer Sarah Bergstrand says, The past three years, a few weeks before Blockchain Week, we have seen the rising of prices and of the overall market cap, especially during the three-day Consensus conference. It also tends to fall as soon as the conference is over.
Digital Capital Management Chief Operating Officer Ben Ritchie puts it this way: The rise in the price of Bitcoin on the surface appears to be a result of the release of positive news flowing from Consensus this year. However, there may be some additional underlying factors. These include the stability of Bitfinex and the USDT following their recent $850 million raise in 10 days. There is also an increased use of algorithmic trading pushing volumes significantly higher and fueling confidence and, with it, opportunity.
The next most-cited factors were USChina trade tensions (50%) and the impending reduction in Bitcoin emission, also known as the halvening (50%).
Arca Chief Investment Officer Jeff Dorman says theres not one specific reason for Bitcoins rally: Its mosaic theory. Pent-up demand spilled out because of Fidelitys new platform, Chinas trade wars, short liquidations and Bitfinexs forced buying from people who bought BTC with USDT in order to get out of USDT.