It seems the cryptocurrency markets will see some big changes. The markets seemingly recover, although there is no real reason for this development. Some speculators point at Italy’s political uncertainty making cryptocurrency look far more appealing. It is evident Bitcoin can thrive when financial turmoil becomes more apparent.
The year 2018 hasn’t been overly kind to Bitcoin and other cryptocurrencies. A lot of currencies lost nearly half of their value or more since late 2017. It now seems big gains are looming on the horizon all of a sudden. No one knows why this is happening, which allows for a fair bit of speculation.
A new Bitcoin Price Rally is Forming
One potential reason is the ongoing turmoil in Italy. The European nation has struggled financially for several years now. Earlier today, the country shook up the European financial sector yet again. Moreover, the Italian government is threatening to leave the Eurozone.
Whether or not this influences the cryptocurrency markets, is a mystery. It is evident the Eurozone has been on the brink of collapse for some time now. If the Euro were to disappear, a new global currency needs to rise up. Bitcoin still fits that picture far better than any traditional currency or asset.
How all of this will play out, remains to be seen. Italy’s uneasy situation has been known for some time now. Bitcoin’s price hasn’t correlated with most of these developments to date. Even so, any catalyst to spark a new cryptocurrency frenzy will be welcomed with open arms. A very peculiar and interesting situation to keep an eye on.
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