Two factors influencing Bitcoin’s price right now

After surpassing the $5,000 mark, Bitcoin is poised to surpass $6,000 next. As of this writing, Bitcoin is trading at $5,390. Since start of this year it is up by more than 500%.

Here are two factors influencing Bitcoin’s price right now:

Interest from institutional investors

Recent reports from american banks refer to increased interest in value of cryptocurrencies by institutional investors. Especially as financial services begin offering various cryptocurrency-based products, it could strongly affect the liquidity and market capitalization for such currencies.

Goldman Sachs for example confirmed that it is considering Bitcoin trading while JP Morgan launched a payment network based on ethereum’s blockchain. These moves could translate into another price increase across the board.

Interest from Asia

China and South Korea may have taken some harmful actions on cryptocurrencies in the last few weeks, but that hasn’t tamped investor interest. In fact, investors in both countries are paying a premium now to invest in Bitcoin and cryptocurrencies. That’s the reason why some Bitcoin trades through China’s OKCoin exchange have already surpassed the $6,000 value in the last few days.

 

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