Bitcoin price surges above $9,100

28 May 2020

The price of Bitcoin jumped above $9,100 on Wednesday in high-volume buying amid an optimistic sentiment currently gripping the cryptocurrency markets. 

“As of 20:40 UTC (4:40 p.m. ET), Bitcoin was trading at $9,162, gaining 3.5% over the previous 24 hours. Trading seems to support a higher upward climb as Bitcoin’s price is now above its 10-day and 50-day moving averages, a signal of bullish sentiment,” reported Coin Desk.

The surge comes as the co-founder of market analytics company Digital Assets Data told the media that a Bitcoin bull run is coming due to government economic measures and mainstream interest.

“I believe a major crypto bull cycle is inevitable,” CEO Mike Alfred told Cointelegraph.

“The confluence of factors that could help drive this cycle include unprecedented recent interventions by fiscal and monetary authorities around the globe and rapidly improving trading, lending, and custodial infrastructure.”

A similar message was previously shared by Nigel Green, the founder and CEO of deVere.  He noted last month: “We’re moving towards an era of zero interest rates.  This reduces the incentive to keep fiat currency. In addition, rate cuts typically lead to higher inflation, which reduces the purchasing power of traditional currencies.

“Therefore, Bitcoin, and other decentralised cryptocurrencies, become more attractive and the price will adjust upwards accordingly.”

He added: “Combined with the fact that Bitcoin and other cryptocurrencies are digital and global, and the world is becoming increasingly digitalised and globalised; that demographic trends are on its side; and that institutional investors, central banks and major corporations are all coming off the sidelines, the long-term trajectory is inevitably upwards.”