Today’s Bitcoin (CCC: BTC-USD) news includes the skyrocketing price of BTC.
Source: Momentum Photography / Shutterstock.com
Let’s take a look at this below to see why the crypto token is doing so well today.
For starters, El Salvador is moving forward with its plans to adopt crypto. The country is looking for natural ways to mine Bitcoin and that includes harnessing the power of volcanoes. News from the country today claims that this is already happening and that some mining from volcanic energy is successful. It claims that 0.00599179 BTC was mined using this power, which is $ 269. Nayib Bukele, President of El Salvador, said that further tests and facilities are planned to further mine cryptocurrencies in this way. Another bitcoin news that could boost cryptocurrencies today comes from Federal Reserve Chairman Jerome Powell. Yesterday he said that the central bank has no plans to ban cryptocurrencies. It is also possible that Bitcoin is about to go up. The crypto had held its price prior to today’s move. It is a sign that a rally could come with a catalyst. The previous El Salvador and Powell news may have started. It’s also worth noting that cryptocurrencies are generally doing well in Q4 and we hit it early October today. This could be another reason why BTC is increasing today.
BTC was up 10.1% over a 24-hour period on Friday morning.
Investors looking for more crypto information today are in luck!
InvestorPlace has all the latest crypto hedges traders need for Friday. This includes details of a fake press release from Ripple (CCC: XRP-USD), the idea of Dogecoin (CCC: DOGE-USD) adopting NFT, as well as cryptocurrencies falling after the ban in China. You can get all these details by following the links below!
More crypto news for Friday
As of the date of publication, William White does not hold (directly or indirectly) any position in any of the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.
Article printed by InvestorPlace Media, https://investorplace.com/2021/10/bitcoin-news-today-13-reasons-why-btc-prices-are-surging-today/.
© 2021 InvestorPlace Media, LLC