Crypto Price Rally May Be Due to Unexpected News
Photo by Andre Francois on Unsplash

The price rally yesterday of more than $1,000 in less than an hour was exciting! I saw a post about it on Steem and took to Google to find more information on what was going on.

Bitcoin passed $8,000 for the first time in quite a while and Steem jumped about 40%. I’ve just got to say that I was more than a little bit ecstatic by this news!

The market is awash right now with speculation and rumor but what is next for all of us? What is next for the crypto industry?

Last I looked, all major coins are in the green now with IOTA leading the pack in growth and the total market cap for the industry jumped to over $300 Billion! Yay!

Why The Jump?

At first, I thought that the price jump was due to the fact that tax season is over in just a couple more days but my research indicates otherwise.

Only .04% of US taxpayers actually have paid taxes on crypto assets so it is likely that not everyone has paid taxes on their capital gains from 2017… at least not yet. Maybe everyone will end up paying their taxes by the deadline… or maybe not.

But, one piece of news that kind of flew under the radar of the crypto space yesterday was that crypto is now considered to be halal under Islamic law. Halal means that it is allowed by Sharia Law.

The opposite of Halal is Haram, which means “to be forbidden.”

This news is huge for the crypto market, no matter how long you have been investing or speculating.

Why?

Because now there are 1.6 Billion Muslim people that have been given permission to invest in crypto if they choose to do so.

Photo by Firdouss Ross on Unsplash

Is It Ironic That the Price of Bitcoin Jumped Right After That Announcement?!

I guess it’s possible, but I don’t think that is likely!

Olga Feldmeier, CEO of Smart Valor, a financial tech startup, had this to say about the rise in price:

“Many speculated that the sentiment around bitcoin was getting more positive, and that it may have been related to Sharia law compliance. Others assumed there was unwinding of a large short-selling position. I personally think that this rise was due to a large institutional investor.”

There is not really a way to tell exactly where the influx of cash into the crypto market came from because addresses in crypto are fairly anonymous, so there is no telling who put the money in but it seems that it is likely that Muslims that are finally allowed to invest will be doing so soon.

I would love to know what you think about the current market trend. What do you think caused the uptick in price and where do you see the market going from here? Are we going to continue to rise or is this a temporary rise?

Tell me your thoughts!

Thanks so much for reading!

Ivy
['Ivy Riane']
['News', 'Finance', 'Cryptocurrency', 'Bitcoin', 'Investing']