{"id":371113,"date":"2019-02-11T20:00:47","date_gmt":"2019-02-11T20:00:47","guid":{"rendered":"https:\/\/ktsl888.com\/?p=371113"},"modified":"2019-03-11T20:35:44","modified_gmt":"2019-03-11T20:35:44","slug":"devere-ceo-bitcoin-rally","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/devere-ceo-bitcoin-rally\/","title":{"rendered":"deVere CEO: ETF, Lightning, and Halving Drive Recent Bitcoin Rally"},"content":{"rendered":"
After taking a brutal beating throughout much of 2019 thus far, Bitcoin made its largest green one-day candle of the year this past week, providing the market with a much needed relief rally.\u00a0 <\/span>Bitcoin\u2019s price rose on Friday over $350<\/a> before bouncing off overhead resistance in the cryptocurrency\u2019s current trading range.<\/span><\/p>\n CEO of independent financial consultancy firm deVere Group Nigel Green says that the move might be the start of a \u201cconsiderable Bitcoin surge\u201d stemming from one of three main factors behind this recent rally, but that it is still too soon for investors to begin celebrating.<\/span><\/p>\n Following the break of support at $6,000, the crypto market has been deeply entrenched in despair as Bitcoin<\/a> and other leading cryptocurrencies struggle to find their price bottom. Investors have been burned, and the strain on the industry has caused many companies to begin laying off employees as interest and capital flees the market.<\/span><\/p>\n Related Reading | Crypto Analyst Expects Strong BTC Bounce, MACD Signals Bottom<\/a><\/strong><\/em><\/p>\n However, Bitcoin\u2019s price woes may be coming to an end, and if history repeats itself, it could lead to a \u201cconsiderable Bitcoin surge,\u201d according to deVere Group CEO Nigel Green<\/span><\/a>.<\/span><\/p>\n Green points to the upcoming \u201chalving\u201d in 2020 \u2013 an event that reduces the block reward miners receive for validating transactions by 50% \u2013 as a potential catalyst that ends the current crypto bear market.<\/span><\/p>\n \u201cThe code for mining Bitcoin halves around every four years and the next one is set for May 2020. When the code halves, miners receive 50 per cent fewer coins every few minutes.\u00a0 History shows that there is typically a considerable Bitcoin surge resulting from halving events,\u201d Green explained.<\/span><\/p>\n Litecoin<\/a>\u2019s halving is due this year, and was the first altcoin to break key resistance and helped to lead the crypto market rally<\/a> that brought Bitcoin a 10% gain this past Friday, lending credence to Green\u2019s claims. Green, however, says there are two other factors behind Bitcoin\u2019s recent rally.<\/span><\/p>\n <\/p>\n Green also believes that a recent comments made by SEC commissioner Robert J. Jackson Jr. in which he states a Bitcoin ETF will \u201ceventually\u201d be approved may have given investors renewed confidence in the number 1 crypto by market cap.<\/span><\/p>\ndeVere CEO: History Shows Halving Causes \u201cConsiderable Bitcoin Surge\u201d<\/span><\/h2>\n
ETF and Lightning Two Other Key Factors Behind Recent Spike<\/span><\/h2>\n