Bitcoin Has Passed $ 16K

Bitcoin Has Passed $ 16K

Bitcoin price managed to reach $ 16,019 today, exceeding $ 16,000 after a long time. Crypto money saw this point last in January 2018.
Bitcoin, which has recently become a popular investment again, continues to rise, albeit slowly. This crypto money, which forced the 20 thousand dollars band for a period but then declined rapidly, is preparing to return to that point again.

The reason for the rise of Bitcoin, which sees this level again after 21 months with $ 16,019 today, is not yet clear. Many experts associate this increase with the results of the elections held in the USA.

Bitcoin has doubled in value this year


Bitcoin has managed to double its value in the last year. The price of Bitcoin, which experienced a similar increase a few years ago, forced $ 20,000. According to CoinDesk, the crypto money, which was last able to reach its current location on January 8, 2018, has gained more than 1% in dollar terms in the last hour.

Nicholas Pelecanos, head of the cryptocurrency exchange NEM, said in a statement that the US elections helped the value of BTC to overcome the resistance of $ 14,000. Election results may cause an increase in bitcoin prices.

According to many crypto money entrepreneurs, states and central banks around the world are making the economy turn by spreading money to the market due to the coronavirus. This causes devaluation, making cryptocurrencies a better investment alternative.

PayPal may have an effect


Apart from politics and the global epidemic, the fact that companies have started to take more positive attitudes towards cryptocurrencies may be among the reasons for this increase. Last month, financial technologies giant PayPal announced its new feature that now supports the use of Bitcoin, ether, litecoin and bitcoin cash. The company aims to enable its users to shop with cryptocurrency in 2021.

The fintech startup Square, managed by Twitter CEO Jack Dorsey, also announced last month that it purchased $ 50 million worth of Bitcoin. The firm’s Cash app has been offering crypto services for a long time.