Bitcoin (CCC:BTC-USD) news for today includes the price of BTC soaring higher.
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Let’s dive into that below to see why the crypto token is doing so well today.
- Starting off, El Salvador is moving forward with its plans to embrace the crypto.
- The country is seeking natural ways to mine Bitcoin and that includes harvesting the power of volcanoes.
- News out of the country today claims this is already underway with some mining from volcano power being successful.
- It states that .00599179 BTC was mined using that power, which comes to $269.
- Nayib Bukele, President of El Salvador, says more tests and installations are planned to mine more of the crypto in this way.
- Another bit of Bitcoin news that could be boosting the crypto today comes from Federal Reserve Chair Jerome Powell.
- Yesterday he said that the central bank has no intentions to ban cryptocurrencies.
- It’s also possible that Bitcoin was simply poised for an increase.
- The crypto had been holding its price before today’s movement.
- That’s a sign that a rally could come with a catalyst.
- The El Salvador and Powell news above could have kicked that off.
- It’s also worth noting that crypto typically does well in Q4 and we just hit that with the start of October today.
- That could be another reason BTC is on the rise today.
BTC was up 10.1% over a 24-hour period as of Friday morning.
Investors looking for more crypto news today are in luck!
InvestorPlace has all the latest crypto coverage that traders need for Friday. That includes details of a fake Ripple (CCC:XRP-USD) press release, the idea of Dogecoin (CCC:DOGE-USD) adopting NFTs, as well as cryptos falling following the ban in China. You can get all those details by following the links below!
More Crypto News for Friday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2021/10/bitcoin-news-today-13-reasons-why-btc-prices-are-surging-today/.
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