3 possible reasons for the increase in Bitcoin to $ 56,000

3 possible reasons for the increase in Bitcoin to $ 56,000

After weeks of fighting and quick loss of value, Bitcoin exploded in the past few days and has approached $ 56,000-the highest price line since mid-May. Yesterday alone, the cryptocurrency gained more than $ 5,000 in hours.

While the bulls celebrate, it is worth examining possible reasons why this could and could exist similar developments that hide behind the corner.

Reason 1: Wilmers

to be a asset with a maximum offer of only 21,000,000 tokens, with a large percentage of the existing ones lost or in Hands The long-term owner could fluctuate strongly if the so-called whales (or sales) make.

Data demonstrated by Cryptoquants CEO-Ki-Young Ju-provides a similar example. The purchase came about 24 hours ago - or shortly before the change of $ 5,000. In it, someone (or more parties) has accumulated Bitcoin worth $ 1.6 billion in it in just five minutes, explained Ju.

he added that the short liquidations were still relatively small at this point-around $ 17 million-which makes it more likely that it was a whale purchase and not "cascade liquidations".

Bitcoin purchase from a whale. Cryptoquant

reason 2: one-chain measured values ​​

The most important part of the health of the Bitcoin network is the hash rate, which is determined by the number of miners that use your computing devices for working in the blockchain.

Interestingly, it was previously connected to the BTC price. Even the popular BTC maximist Max Keizer before claims that if one tends up, the other tends to follow (and and and Conversely).

The hash rate had reached an all-time high of almost 200 EHash/s in May this year-shortly after the USD price of BTC had reached its own record of USD 65,000. After the fud by Elon Musk and China, both went down difficult.

The price of Bitcoin reached its low point below $ 30,000 (a decline of about 60%), while the hash rate decreased to 70 Ehash/s-a similar decline.

Now both are on the way back. Apart from the price developments mentioned above, the hash rate is currently over 130 EHash/s. Here, too, his recovery is similar.

Bitcoin-Hash rate. Bitinfocharts.com Bitcoin-Hash rate. Biatinfocharts.com

Apart from how we have dealt with in detail in our Bitcoin price analysis, other on-chain indicators also indicate that the bullish mood is justified. Most of the recent sales were sold by weak hands, while long -term owners and miners continue to accumulate.

Reason 3: The USA

We have seen in the past, which can cause a repetition of an existing ban on the market. The most populous country in the world has been against the cryptocurrency industry for years, but every time it is repeated the same ban (or comes with a slightly different), the prices are immediately.

Therefore, it would be logical to assume that the opposite could have a positive effect on the market. The world's largest economy after the nominal GDP - the United States - does not intend to prohibit industry. This was first claimed by the FED chairman Jerome Powell in front of the SEC boss Gary Gensler repeats it days later.

Interestingly, BTC actually shot a few thousand dollars up, according to Powell's encouraging words. Nevertheless, it should be borne in mind that the United States still intends to implement regulations for the cryptocurrency area, but at least do not want to follow the path of China.

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