How often do you see something so bizarre that you end up wondering how come this is happening? In the normal world, seeing things that defy explanation is a rare occurrence. That however is not true for some regions in the virtual world. Just look at the way bitcoin is behaving despite all the global turmoil that has been happening for a few days. The First of March saw a sky-high rise in the value which just refused to collapse. The coin kept increasing in value for a large part of the day and closed at a huge amount too. This must have been great news for intraday traders who would have jumped and screamed at the way it soared up during that particular date,
Why is it happening
There has been speculation in the market regarding the fall of bitcoin values due to several reasons – the most prominent being the Russia Ukraine conflict. But, trading experts say that this run must not be taken very seriously. They imply so not because they are pessimistic about the way the coin behaves but instead because they think there are many factors that influence crypto values. The net result of such factors is very difficult to guess especially in the month of March.
The rise is caused by a number of factors – there are a bunch of agencies in the US that plan on inflating their interest rates. Some of them will be releasing more enlightening data on prices soon too. Buyer sentiment could have a role, experts feel.