Bitcoin price surges again due to these 3 reasons

Today, the price of Bitcoin soared again. According to CoinDesk, the sharp rise in the price of Bitcoin occurred between 23:15 and 24:00 US time, during which the price reached a high of US$418.

As of press time, prices are trending upward again, reaching $421.83, the highest point since Nov. 5.

Experts have different opinions on the reasons for the sudden price increase. According to CoinDesk, the main opinions are concentrated on the following three points:

1. What prompted the “exposure” of Satoshi Nakamoto’s identity?

Some market analysts believe that the "exposure" of the identity of the creator of Bitcoin by Wired magazine may be a contributing factor. The magazine published an article listing some strong clues and inferred that 44-year-old Australian businessman Craig Steven Wright is "Satoshi Nakamoto."

Tuur Demeester, editor-in-chief of Adamant Research, told CoinDesk:

“The leak revealed 1.1 million bitcoins in Wright’s “Tulip Fund”, a trust fund PDF signed by Wright’s late friend David Kleiman, which is locked until 2020 and may unlock the funds on January 1, 2020. I think the market is acting on this news.”

According to market data service Blockchain.info, there are currently 14.9 million bitcoins in circulation on the market, and Satoshi Nakamoto holds about 16% of them.

Demester added:

“Wright can then use the funds to develop various projects, including ‘researching peer-to-peer systems’ and conducting various commercial activities to enhance the value and status of Bitcoin.”

At present, these documents that infer the identity of "Satoshi Nakamoto" have not been confirmed, but they will always provide market observers with some information, such as when this huge amount of Bitcoin funds will be sold on the market, and also give investors a new understanding of the founder of Bitcoin.

2. Offshore RMB exchange rate against the US dollar fell

The exposure of Satoshi Nakamoto’s identity is certainly not the only reason affecting the price of Bitcoin. The influential alternative financing blog Zero Hedge published an article arguing that the rise in Bitcoin prices may be related to the decline in the offshore RMB exchange rate against the US dollar.

The blog analysis believes that investors are becoming increasingly interested in Bitcoin and the RMB.

BTCVIX, one of the organizers of the Bitcoin trading group “Whale Club”, also agrees with Zero Hedge’s views, especially after the International Monetary Fund (IMF) announced on Monday (November 30) that it would include the Chinese yuan in the Special Drawing Rights (SDR) currency basket.

He said:

"After the IMF decided to provide RMB special drawing rights, rumors of further RMB depreciation have been spreading."

More and more market observers agree with this view, including George Samman, the former founder of a Bitcoin derivatives exchange, who warned of potential changes in Bitcoin prices on his blog as early as November 30.

3. Smooth progress of the expansion conference

Other investors suggested that the rise in Bitcoin prices could be driven by positive news from the recent Bitcoin Scaling Conference.

Crypto fund manager Tim Enneking told CoinDesk:

“I think the hard fork debate is going to be a market-based one.”

The development community is increasingly enthusiastic about Bitcoin's expansion, and according to Roger Ver, attendees may reach a consensus on a 2MB expansion.

However, Enneking said these are just potential factors and that Bitcoin prices are affected by multiple factors.

“Bitcoin price action is rarely driven by a single event.”

Original article: http://www.coindesk.com/satoshi-nakamoto-unmasking-might-be-driving-bitcoins-price-rally/
By Pete Rizzo
Compiled by: printemps
Source: Babbitt Information (http://www.8btc.com/bitcoin-price-3)