Bitcoin rose $1,000 in two days, which may be the three reasons

According to the push data, the highest value cryptocurrency bitcoin broke through $10,700 in the early morning of September 4th, Beijing time, and rose by $1,000 in two days. Encrypted media Bitcoinist believes there are three reasons why Bitcoin may bounce.

Bitcoin derivatives from Bitcoin and Bitfinex

Although Bitcoin was originally a decentralized digital currency for peer-to-peer transactions, cryptocurrency exchanges affect the flow of cryptocurrencies by processing most transactions. Today they come from a variety of means to provide bitcoin-related derivatives trading products.

Coin Ann announced this week that it will launch a new encrypted futures trading platform where users can trade and vote for their favorite one on two separate test platforms. Bitfinex users have noticed that the crypto exchange has introduced two cryptocurrency derivatives. After the system is upgraded, the so-called "persistent contract" will be available. Encrypted derivatives will allow users to trade with up to 100 times leverage.

These two messages may have a significant impact on bitcoin prices, as Coin and Bitfinex are among the most popular encrypted exchanges.

Bakkt's Bitcoin Futures and Bitcoin Whales

In addition to the currency and the encrypted derivatives provided by Bitfinex, ICE-backed Bakkt is gradually introducing the first bitcoin futures trading platform for physical delivery. The decline in the encryption market in the previous week can be understood in a sense that huge Bitcoin holders try to pull down the price before Bakkt is released and then buy it.

And now the attitude of these huge bitcoin holders is changing. Although Bakkt has not yet been launched, the crypto community's positive attitude towards the currency and Bitfinex's encrypted derivatives has forced these encrypted whales to stop lowering prices.

Tether continues to over-issued

Bitcoin prices may also be affected by the new release of Tether. On Monday, Tether moved a $7 million USDT from Tether to an unidentified wallet, which today added another $10 million.

There is a strong correlation between the issuance of USDT and the price of special currency. Many analysts believe that USDT plays an important role in supporting the value of Bitcoin. The increase in supply indicates that there will be more liquidity and trading activity in the bitcoin market.

Image source: pixabay

By Xiu MU

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