$BTC

Bitcoin above 97 thousand USD – what is behind the increase?

The increase in the value of Bitcoin coincides with positive information from the market. During the morning session on May 7, the BTC price exceeded the barrier of 97,500 USD, thus returning to the levels from the beginning of the month. However, shortly after, a correction occurred to 96,500 USD, which still means an increase of about 2.2% during the day.

Market sentiments may have been influenced by political news. New Hampshire became the first state in the USA to adopt a law on strategic bitcoin reserves. This is a historic step that – according to Dennis Porter from the Satoshi Action Fund – could initiate a wave of similar decisions in other states.

Additionally, planned high-level trade talks between the USA and China, which are to take place in Switzerland this coming weekend, also supported positive sentiments among investors.

In the meantime, BattleShares has filed for four new ETFs that are to use long-short strategies involving Bitcoin, Ethereum, and gold.

One of them is to be based on a long position in BTC and a short position in ETH. Experts indicate that such products may attract investors looking for more advanced speculative or hedging instruments.