Bitcoin Suddenly Jumps by $1,000 on Futures Expiry and President Xi’s Blockchain Endorsement

bitcoin jumps oct 25 2019

Bitcoin has jumped in six minutes from $7,800 to $8,500 after rising since yesterday’s low of circa $7,400. That’s on increased volumes with the price fall earlier this week now pretty much canceled. What caused this rise is not too clear with quite a few candidates as a number of things seem to be moving. First of all, many think the fall earlier this week was due to the October bitcoin futures contract on CME expiring. That happened at 4PM London time earlier today, with the above jump being 45 minutes after the contract expired. Secondly, foreign exchange markets might be thinking they may have been a bit too optimistic on Brexit as the deadlock continues. Thirdly, Bakkt volumes have increased to 700 bitcoin a day which might suggest there’s institutional interest in actual bitcoin holdings. Fourth, social indicators suggest we may have reached a local low based on the…

Read the original article here