CNBC Trader: Lightning Network Is Driving Bitcoin’s Resurgence

Tedra DeSue
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.

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.”

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