Bitcoin Price Breaks over $9,000 but Coronavirus Isn’t the Only Influencing Factor

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by Osaemezu Ogwu · 3 min read
Bitcoin Price Breaks over $9,000 but Coronavirus Isn’t the Only Influencing Factor
Photo: Shutterstock

Bitcoin price has reached the level that hasn’t been observed since early November. One of the factors can be the recent announcement made by Jack Dorsey.

As per reports from Forbes on January 27, 2020, Bitcoin (BTC), the world’s largest cryptocurrency experienced a 5% rise, briefly climbing as high as $9,142.80 per Bitcoin on the Luxembourg-based BitStamp exchange before slightly falling back afterward. At the moment of writing, Bitcoin price is $9,017. However, this price still demonstrates a more than 4% growth over the last 24 hours.

Since Bitcoin enjoyed a tremendous boost in 2017, it has struggled to reach a similar height. The crypto is still half its all-time high. It suffered a huge setback in 2018 but had a slight improvement in 2019. The latest rise will come as a big boost to traders.

Bitcoin isn’t the only crypto that experienced a boost this week. Other assets also recorded acceleration. Bloomberg Galaxy Crypto Index recorded a 1.7% rise in the performance of the world’s largest cryptos, which is well above a two-month high.

The increases popped up following last weeks’ awful performance ahead of the Lunar New Year celebrations that traders expected to cause a little decline in trading. However, the latest increase has raised the hopes of many and that could continue in the next few weeks.

There are a lot of talks that Bitcoin price is growing because of the coronavirus spreading in China (and beyond its borders). However, despite the fact that BTC really reacts to international tensions and social issues, it’s not the only influencing factor.

Bitcoin could keep on experiencing boosts as time moves on. Twitter’s chief executive, Jack Dorsey has promised to help the development of the crypto via his payments company Square Crypto. He claimed that ”it is just a matter of time before instant, low-fee Bitcoin payments become as commonly used as cash”.

Last week he shared the news about their work on Lightning solutions with his Twitter followers.

Square Crypto Shares Its Vision

The company revealed that it’s building a development kit for Bitcoin’s Lightning Network, a medium for smaller payments to be sent faster and cheaply without congesting the bitcoin blockchain. The team explained:

“Because we are an efficient group of open-source developers, we are in a strong position to coordinate on major projects that individuals may not have the resources or time to handle.”

Meanwhile, in another development regarding Bitcoin, Coinspeaker reported on January 27, 2020, that the cryptocurrency is approaching a significant milestone in its history with the upcoming Bitcoin halving which is around 100 days away from now.

It is capturing growing interest in the crypto space and searches regarding it are surging on Google. In fact, it is one of the top items on Google Trends at the moment. Experts believe it will have a dramatic impact on the price of the cryptocurrency. It remains to be seen how things will develop from here.

Bitcoin News, Blockchain News, Cryptocurrency news, FinTech News, News
Osaemezu Ogwu
Author Osaemezu Ogwu

Author Osaemezu Ogwu is a cryptocurrency journalist with several years of experience in the crypto-verse.

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