Categories: Bitcoin Business

CNBC Trader: Lightning Network Is Driving Bitcoin’s Resurgence

Click here to view original web page at
CNBC futures trader Bob Iaccino revealed that he believes bullishness surrounding the Lightning Network is driving the bitcoin price higher in 2019. | Source: Shutterstock

By CCN: Bitcoin must have been struck by lightning – the Lightning Network. That’s what some crypto observers are saying is behind bitcoin’s price surge.

As part of its blockchain Week coverage, CNBC has hosted a series of crypto players to analyze what’s going on in the suddenly-roaring industry. Bob Iaccino, the chief market strategist at Path Trading Partners, joined the discussion on Wednesday to explain what’s behind the bitcoin price doubling so far this year.

Bitcoin Price Rally Spurred by Lightning Network: Futures Trader

CNBC reporter Seema Mody said “two large crypto trading desks” told her that traders who bought in 2016 and sold in 2018 have returned to the crypto market this year.

Bitcoin is booming as Consensus week is underway, but can the crypto rise above key resistance? @SeemaCNBC, @Bob_Iaccino, and @AnthonyGriz weigh in. $BTC

— CNBC Futures Now (@CNBCFuturesNow) May 15, 2019

She asked Iaccino if he’d seen the same, and he said:

“Well it’s entirely possible. I don’t have any more direct insight, me being more of a futures and equities guy, as to who’s actually doing the buying. I do believe I know part of the reason why, and that has to do with the inception and application of software called the Lightning Network.”

Lighting The Path To Mass Adoption

The Lightning Network, as CCN reported, is a second-layer scaling technology that developers believe will allow bitcoin and other cryptocurrencies to scale far beyond their on-chain capabilities. By moving transactions off-chain, Lightning allows users to transact virtually instantly, anonymously, and at very little cost.

Iaccino went on to say that that the network “actually makes small transactions a lot easier for those who hold bitcoin.”

“Where you look at Visa, who can transact 65,000 transactions per second, bitcoin’s [prior level] was about seven, and now with the implementation of the Lightning Network you can actually get these smaller transactions off the blockchain network, making adoptability of bitcoin as a currency a lot easier.”

But while the Lightning Network continues to see progress, it’s far from ready for mainstream adoption. Moreover, there’s little evidence that advances in this technology have anything to do with the current price rally.

One way or another, though, the bitcoin price continues to soar.

The bitcoin price pushed toward a new 2019 high on Wednesday. | Source: Yahoo Finance

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

  • Bitcoin Business

HALVING ‘MYTH’: Is everyone wrong about the Bitcoin halving?

HALVING ‘MYTH’: Why everyone's wrong about Bitcoin’s halving price spike Miners are accumulating and retail investors are piling in, in… Read More

1 hour ago
  • Bitcoin Business

Is Coin Market Cap STILL Providing False Volume Data?

Coin Market Cap , one of the most popular cryptocurrency analysis sites around, is allegedly reporting fake volumes all over… Read More

1 hour ago
  • Bitcoin Business

Crypto Base Scanner Team Releases An Ultimate Trading Software Service – The altrady Application

altrady is an online cryptocurrency trading application that provides a convenient platform for traders to buy and sell Bitcoin and… Read More

1 hour ago
  • Bitcoin Business

Tron Price Crashes by 20% as Justin Sun Stands Warren Buffet up

Today is not a great day for all of the Tron holder sin the cryptocurrency industry. Although this altcoin still… Read More

1 hour ago
  • Bitcoin Business

Bitcoin Hyper Launches the World’s Fastest Bitcoin, a Cryptocurrency for Real World Use

SLIEMA, Malta, July 23, 2019 /PRNewswire/ -- Bitcoin Hyper ("BHY"), an innovative new cryptocurrency that provides consumers with the ability… Read More

1 hour ago
  • Bitcoin Business

The Libra’s Cold Reception from Congress Shows Why We Need Bitcoin

Photo by André François McKenzie on Unsplash The hostile receptions Facebook's Libra coin received should be viewed as a validation… Read More

1 hour ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More