The price of Bitcoin continues to rise. In the midst of what many expect to be the beginning of a new bullish rally in the crypto market.
Now that the fever of decentralized finance (DeFi) has finally come to an end. Thanks to this, today Bitcoin Up scam reached $14,000 for BTC once again. As Anthony Pompliano commented in the Tweet of the day, crypto biases:
Bitcoin, after the US elections: What’s coming?
Bitcoin touches the $14,000
During the last few months, the crypto market has gone off course. Because, unlike what normally happens, most of the investments that have entered the world of crypto currencies, have not entered directly into the Bitcoin market, but have gone into the decentralized finance (DeFi).
Thus, from mid-July to the end of September, DeFi experienced the biggest boom in their history. They increased their value exponentially in a matter of weeks, attracting millions of dollars of investors as a consequence. These investors wanted to take advantage of the increase in the price of the main DeFi tokens to obtain quick profits.
However, as is normally the case with such rash increases in the value of financial assets, DeFi fever came to an end. This led to the hasty exit of DeFi investors and their return to their traditional niche – the Bitcoin market.
Bitcoin hits $14,000 once again. Source: CoindeskBitcoin hits $14,000 again. Source: CoindeskBitcoin CoinDesk
Thanks to this, in the last few weeks we have experienced a significant boost in the price of Bitcoin, which has gone from $10,297 on September 5 to $13,924 at the time of writing. After having briefly touched the $14,000 as noted by analyst Anthony Pompliano with his Tweet.
This substantial increase in Bitcoin’s price is also due to the uncertainty generated by the result of the US elections. This has led many investors to take refuge in Bitcoin, while optimists hope that a favorable result for Biden will improve the crypto world conditions in the country. It’s an impulse to be reckoned with in today’s surge.