Why is Bitcoin Price Rising?

Why is Bitcoin Price Rising ? Bitcoin is just 12% shy of its previous all-time
high of USD 19,891.0 as strong momentum unfolds. The cryptocurrency is presently well supported
by market sentiments over the need for hedging risk against a macro backdrop of unprecedented
levels of fiscal stimulus and low or negative interest rates. Since the last halving day on 11 May 2020,
the currency has gained tremendous strength as the supply narrows. Furthermore, the higher acceptance of bitcoin
is also pulling some strings up with PayPal – the global payment technology giant recently
announcing its intention of allowing bitcoin transactions across its platform The annual volatility figure is spiking. Bitcoin is grabbing eyeballs again. The currency
continues to climb and is closing in on the levels not seen since it reached its highest
ever mark three years ago. Bitcoin is just 12% shy of its previous all-time
high of USD 19,891.0, last seen on 17 December 2017 with the currency clinching a high of
USD 18,180.0 (as on 18 November 2020 3:21 PM AEDT). The currency has now penetrated
its long-term resistance USD 18,000 mark, and the market participants are closely watching
the USD 20,000 levels.

The chorus is growing for the crypto to scale the USD 20K levels. The Squeezing Supply – Since the last halving
day on 11 May 2020, the reward for mining a block in a blockchain has been reduced by
50 per cent to 6.25 bitcoins per block, which would be further reduced to 3.125 per block
after 210,000 blocks have been mined. Many industry experts anticipate that with current
computational power and hash rates, the next halving would fall on 8 May 2024 21:09:46
UTC.

On 21 October 2020, PayPal disclosed its intention
to enter the cryptocurrency space by allowing its customers to transact in Bitcoins and
various other cryptocurrencies through their PayPal accounts. Furthermore, the Company
envisions to enable its ~ 26 million merchants to accept bitcoin as a source of financial
transactions and ownership transfer.To begin with, the global payment technology giant
would enable four currencies on its platform, namely, Litecoin, Bitcoin Cash, Ethereum,
and Bitcoin.

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