Bitcoin Price Breaks $1,300 on Poloniex, Bitfinex: Reasons & Trends

The Bitcoin price range was first to break $1,300 on cryptocurrency exchanges Bitfinex and Poloniex, which recently announced the delisting of 17 of the 81 altcoins . On Thursday, April 20, Bitcoin hit $1,328 on Poloniex but quickly fell back to $1,310. It has remained at this level until press time. And at the time of writing, it is still unclear what we can infer from the overall cuts on Poloniex and Bitfinex. But there are still some clues to the future trend.

Shifting funds from delisted altcoins to Bitcoin? We can’t help but wonder what the impact will be on the Bitcoin available on P2, as P2 has neither provided any reason for its delisting nor whether it will introduce other coins to replace them . It is clear that some users of the platform are very upset that they have lost money due to the sudden announcement and now have to move their assets elsewhere. Based on this point of view, it is logical to assume that some other users may also shift their funds from delisted altcoins to Bitcoin, so with this news spreading, it looks like May will be a critical month for the top digital currency . What might happen next? As of May, it was revealed that the recently formed committee by the Reserve Bank of India will investigate activities related to digital currencies such as Bitcoin and the relevant recommendations will be released between May 15 and 20. After this, the Indian government will decide what to do next. So far, everything looks good and the results should be optimistic, and I believe that the price of Bitcoin will rise by then. Also in May, the second round of the French election will be held on May 7. According to the head of equity strategy at Saxo Bank, the euro is likely to rise against the dollar and European stocks. This is because according to recent polls, the centrist Emmanuel Macron has surpassed the former national leader Marine Le Pen in the first round of the French election, which will be held this Sunday. Le Pen's populist approach in France, Europe's largest economy, has aroused widespread concern among the public. Although a JP Morgan poll shows that Le Pen has a 3% chance of winning in the first round, if she wins, the euro will fall by about 10% against the dollar in the following weeks. And if she eventually wins the presidency, oil prices will plummet by 5% to 10%.