May has been a rather exciting month for cryptocurrencies, tokens, and assets. The markets have recorded significant gains amid rising bitcoin prices, and most people are wondering why the market is moving up.
But no one is really sure of what’s causing the movements. Even analysts, best they can do is look at the significant news developments piling up to these sudden positive changes. Several peculiar factors are coming up, both positive and negative.
We are going to explore some of the perceived causes for the sudden rise and how they might have contributed to the rising bitcoin prices.
Fidelity Crypto Venture Announcement
Fidelity is one of the most renowned names in Wall Street. The multinational announced earlier in the month that it will commence the buying and selling of bitcoin to its institutional customers in the coming weeks. Any crypto expert would tell you that this means good business for bitcoin.
But as far as anyone in the financial service is concerned, the biggest huddle at the moment is entering the markets before the dominant traditional brokerages launch their platform.
Bitcoin once achieved over $100 billion in market cap. And this was without institutional investment interest. Now imagine what the market cap will be like if Wall Street joins. This has led many into cashing in to be in a better position for the gains when they happen.
The Launch Of Facebook Coin?
Facebook has been over the news recently with speculations on its new crypto coin project currently in development. For months now, there have been rumors about the development of facebook’s cryptocurrency. It hasn’t been until weeks ago when there were confirmations that indeed the speculations had some credibility.
However, the crypto community does not like the idea very much, given Facebook’s track record with centralization and privacy abuse. Nevertheless, heads are turning outside and within the crypto community. Those skeptical of joining the crypto world are having a second thought. There was definitely some serious interests in cryptocurrencies.
The launch of crypto ETFs have been one of the most anticipated breakthroughs in the crypto space for a while now. Advances towards ETFs were made last year, with some rejected and others postponed to 2019.
Crescent crypto index services are the latest crypto ETF to be filed, and as we speak, more crypto ETF applications have been submitted. The firm aims at having bitcoin and Ethereum in its USCF crescent crypto index fund supported by us commodity funds.
Musk Interest In Cryptocurrencies
Elon Musk is one of the biggest names in the tech space. He has recently shared his interests in crypto, and this has brought up some serious attention to cryptocurrencies.
The Binance Hack Has Caused Bitcoin Mainstream Attention
There is no denying that negative news has also brought attention to the crypto space. The most recent is the hack on Binance. Wondering how it may have caused a price spike?
Well, the hack led to Binance CEO proposing a rollback of transactions. What followed was a fierce backlash from the crypto community, and the idea was brought to a halt. This was positive for bitcoin as it bolstered its image as legitimate crypto. This fueled bitcoin demand.