6 Main Drivers of the Bitcoin Price
The rollercoaster that is the bitcoin price knows no limits: it hovers around the $40.000 mark, although the online giant Amazon denied a media report according to which the retailer would accept Bitcoin as a means of payment.
This time, it was not Elon Musk to cause the sharp price increase but a company like Amazon.
Overall, the Bitcoin rally is influenced by all kinds of rumors and other drivers that are not always obvious.
1) Influencer
The best-known influencer when it comes to cryptocurrencies is and remains Elon Musk. His tweets often trigger buy or sell reactions. The Tesla CEO had recently stated that Tesla would probably accept Bitcoin as a means of payment again. In March, he had temporarily accepted the cryptocurrency for car purchases. In May, Musk again said goodbye to the idea, citing Bitcoin as too much of a burden on the environment.
However, Musk not only influences the Bitcoin price, but also other cryptocurrencies such as Dogecoin. He led Dogecoin to a real boom a few months ago and contributed to the fact that the currency was one of the most capitalized coins.
