Like we didn’t know that it’s one of the most volatile cryptocurrencies, Bitcoin proved this one more time, spiking up to almost $10,300, which marks a 10% growth, in less than an hour, this Monday morning.
According to a report from CNBC, the world’s largest crypto coin, in terms of market cap, had no obvious reasons to grow like this, but it still managed to do it. As for Ethereum, its follower, it also registered a 4 percent price increase, trading at $863 on Coinbase.
Was this rapid growth actually influenced by something?
On the other side, we could observe something which we suspect to have had an impact on the coin’s price: cross-border currency exchange company Circle announced that they will acquire leading cryptocurrency trading platform Polonies. The deal was confirmed by both companies, but without revealing any financial details.
Also, another announcement made today is suspected to have contributed to this: Asian country of Uzbekistan has finally decided to embrace Bitcoin. According to a presidential decree, a new law regulating “electronic money” is expected to be released soon in the country. Besides this, the country is planning to open a center for distributed ledged technologies.
We could be looking at a new crypto paradise
Right now, a lot of investors are interested in moving their operations here, since Uzbekistan is one of the cheapest countries in the world in terms of mining, being a leading electricity producer. The country is also expected to become a major player on the cryptocurrency market if the interest for mining here keeps growing.
In this very moment, mining just one Bitcoin has a total cost of just $1,790, making the country join a select club, alongside Iceland, another high-interest target location for miners.
At the hour of this post, a Bitcoin is trading for $10,310.227, with a total market cap of over $174 billion. It’s followed by Ethereum, trading at $867.48 and with a market cap of almost $86 billion, as well as Ripple, trading at $0.949 and a cap of $37 million.