Bitcoin price continues to rise following statement from Minneapolis Fed President

Golden Finance News - The President of the Federal Reserve Bank of Minneapolis recently made a statement that the price of Bitcoin will continue to climb after reaching an all-time high of $1,700.

The reasons for the continued growth of Bitcoin prices include the increase in demand for Bitcoin in Japan. Image source: Golden Finance

The prices of almost all tradable assets fluctuate and these asset price forecasts are also influenced by various factors such as current geopolitical conditions, market developments and future outlooks.

The same factors are also affecting Bitcoin as one of the most attractive tradable assets. Recently, a statement by the President of the Minneapolis Federal Reserve Bank suddenly pushed the price of Bitcoin to a high point earlier today.

According to reports from several leading business news agencies, the price of Bitcoin has surged past the $1,700 mark after Commonwealth Bank President Neil Kershkoli mentioned that the cryptocurrency’s underlying blockchain technology has more potential than Bitcoin itself.

Kashkari also mentioned that the application of blockchain technology has received a favorable response in the market and even in the Federal Reserve. The Federal Reserve has made a positive statement on the cryptocurrency Bitcoin and its underlying technology, which in turn has increased market confidence in the price of Bitcoin.

Asset price forecasts will be affected by current geopolitical conditions Image source: Golden Finance

This is not the first time that external factors have played a major role in the rise in Bitcoin’s price. In the past few days, the SEC’s decision to review its previous stance on a Bitcoin ETF and its upcoming hearing on a Litecoin ETF have seen both cryptocurrencies surge in value.

Other factors contributing to the growth of Bitcoin prices include the increasing demand for Bitcoin in Japan, the upcoming legalization of cryptocurrencies in Russia, India’s cryptocurrency regulation efforts, and Brexit.

The decisions of the US government and the White House are being closely watched, with the view that upcoming decisions could disrupt existing market conditions.

Analysts from various well-known financial institutions have also made predictions for the cryptocurrency market in the next few years. They predict that cryptocurrencies will continue to grow and may eventually see the price of Bitcoin rise to $10,000.