Bitcoin hit $5856, setting a new record today. Although the reason for this rise is not clear, several factors can be mentioned that contributed to the rise:
1- Money expectation from the air
There are two important processes ahead of us for Bitcoin. The first is the launch of Bitcoin Gold on October 25th.. Another is the SegWit2x activation, which is expected to take place on November 18.
Bitcoin investors had Bitcoin Cash equivalent to their Bitcoin investments during the previous Bitcoin Cash split.. So they kind of took money out of the air.. The same situation is expected to occur in these two processes in the future.. Investors who want to buy money from the air transfer their investments in altcoins to Bitcoin.
2- News that Bitcoin exchanges in China will reopen
The activities of all Bitcoin exchanges in China last month stopped. Recently, it has been talked about that these exchanges may be reactivated by obtaining a license in the near future.
3- Amazon.com speculation
Last month, a news hit the agenda like a bomb.. The report said that Amazon.com will soon accept Bitcoin as a payment method.. The date was given as October 26.. We don’t know if it will happen on October 26 or not, but this rumor had a positive reflection on the markets.
4- FOMO
FOMO, in its full definition, Fear of missing out. It can be translated into Turkish as “fear of kidnapping”. Potential investors who will enter the market tend to buy Bitcoin for fear of missing the opportunity after a news about Bitcoin.. This can be considered as another factor in the rise of the Bitcoin price.
5- Wall Street interest
Wall Street’s interest in Bitcoin has been increasing lately.. While Goldman Sachs plans to offer Bitcoin trading services to its customers, billionaire investor Novogratz thinks that Bitcoin can reach $10,000 within 6 months.