Strong momentum pushes Bitcoin to $9,000

As early as 2019, Bitcoin was in the middle of a large-scale rebound at the beginning of the year, and it seems that it may repeat itself this year. In a new development that should be the main driving force for BTC investors, the cryptocurrency’s tokens soared above $9,000.It is believed that the main reason for this rally is Jack Dorsey on Twitter.

Key trigger

Dorsey is also the CEO of the payment company Square (Square), and he said that he will help the development of BTC through his company.

For Bitcoin, this is a huge driving force because it has always existed and has been subject to scrutiny by regulatory agencies, and such recognition can only have a huge positive impact. Due to the suspicion from the highest regulatory agencies around the world, the problems faced by Facebook’s encryption project Libra have created a lot of uncertainty in the encryption field. This is also one of the factors behind the decline in BTC prices. Dorsey went on to point out that in the future payments will be made via BTC, which is as easy as using cash.

However, this is not the only reason why BTC has risen in recent days.Spread Coronavirus in Wuhan, ChinaNot only has it proved to be a health panic, but it has also caused concerns in the market. Fearing that Chinese factories might be closed to solve this problem, the market collapsed, and investors sought safe-haven investments.

>> Tether launched a new gold-backed stablecoin on TRON

Bitcoin has become one of these safe-haven investments, which may be one of the main reasons behind this surge. Considering the fact that this epidemic is spreading and there may be more turbulence in stores, it is wise for people to pay close attention to the price of Bitcoin.

Featured image: DepositPhotos©stevanovicigor

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