After the massive dip experienced by the first cryptocurrency in late May, the digital currency has since then slowly and gradually built up a head of steam and rocketed back up the value pyramid. Experts and investors alike feared the worst when bitcoin at some point in May plunged to levels close to the $30,000 mark. The popular bitcoin prediction at that point that the price will soar to levels of the six-figure mark were quickly withdrawn and crypto experts were made to look as if eggs were thrown on their faces.
It was a really embarrassing moment. Individuals who were involved in the crypto market in the short term had to cut their losses and the ones who envisioned an even longer journey with the cryptocurrency space had to buy Bitcoin at the dip. This situation ensured a lot of transactions exchanged hands and some exchanges experienced a brief downtime as they could not cope with a lot of activities going through it. Some other trading platforms like Binance and Redot were able to recover on time
This was in sharp contrast to what happened in mid-April when bitcoin achieved an all-time high value of around $64,000. The digital currency fully lived up the hype surrounding it at the time and the crypto market was agog with any currency on the blockchain. Every john and jane doe who might have not heard about crypto before that time would no doubt have been swamped with the ubiquitous nature of the news surrounding bitcoin.
Financial advice from experts and non-experts alike pointed to the fact that it would be wise to invest in Satoshi’s creation before the value goes beyond reach. Then May happened and bitcoin had to start from the bottom.
Bitcoin price today is representative of the volatility of the market and the perceived value as each day passes by. With so many governments of the world fighting against a decentralized system of finance, every attempt made at quelling the system has been comparable to water off a duck’s back. Instead, it has grown from strength to strength, the bitcoin price today would attest to that fact. Every plunge in price will not be as a result of some external force like the government. It will suffice to say the only harm that can come to cryptocurrency is cryptocurrency itself.
The growth of BTC price now since the May event has been more of an organic growth. The early part of the year saw the SpaceX and Tesla mogul, Elon Musk influence BTC price with his tweets much to the chagrin of other small game investors.
They felt no one man should have this control over a decentralized system. He was not the only whale. But his tweet sometime around May coupled with the fact that his electric car company no longer accepted BTC saw a plunge. Since then bitcoin has experienced somewhat of a natural rise in valuation with only the natural influence of demand and supply in play. Bitcoin price today straddles between roughly $58,000 and $63,000.
When exchange-traded fund issuer, ProShares listed bitcoin $BITO as a security on the New York Stock Exchange (NYSE) on the 19th of October, the excitement that followed was palpable. Since the SPDR Gold Shares (GLD) was listed in 2004, no security has reached the $1billion mark in that time frame until $BITO exploits in a day less than the three of GLD. The bitcoin-strategy ETF had a debut trading session of $567million and reached (and surpassed) the threshold of a billion-dollar on the second day of trading.
The ripple effect of the launch of the ETF caused a proportional rise in the value of bitcoin as it surged past the previous high of $64,000 it experienced in April to $67,000. This excitement swept throughout wall street as financial corporations like Goldman Sachs group Inc. jumped into the already crowded crypto pool to offer related services. The main positive from the ETF launch is that since the bitcoin strategy has been launched mainstream investors now have the laissez-faire to make investment in the security.
In bitcoin latest news the exhilaration surrounding the BITO ticker ETF has died down and everything is seemingly back to normal and hence the plunge in BTC price now to the regions of $60,000. Investors had beaten the plunge to the punch by taking profit in the hay days of the ETF launch.
The world largest cryptocurrency has experienced two major price rises this year apart from the price surge earlier this year. The one experienced in April (approx. $64,000) and the rise after the ETF launch in October (approx. $67,000). But the cryptocurrency has hit a brick wall since the last high. But analysts are positive about what the future holds.
The price of BTC at the beginning of the year stood at approx. $34,000 and the October value has doubled where it started in January. With the last record price acting as a precursor, investors and analysts are looking at and past the $100,000 as the next port of call. Charts are being redrawn and models are restructured to fit this future projection.
Unlike the earlier days of cryptocurrency where there was skepticism surrounding cryptocurrency exchange, new believers of this system are converted with every passing day as people are coming to terms with the fact that this is the future. The hub of trading, Wall Street is already dealing with crypto-related businesses as they found it an avenue to rake in more money being under the watchful eyes of the U.S Securities and Exchange Commission.
Some bullish predictions made by some analysts see bitcoin climbing above the $100,000 mark because of the activities of retail investors. Since bitcoin was launched as a security, nonprofessional investors have the freedom to buy and sell BITO with a brokerage firm as an intermediary. This opens the market to a larger participation for anyone who has the cash to splurge. The constant buy and sell will drive the value up.
The government might clamp down hard on btc mining due to the adverse effect on climate change, it might in turn affect the value of the digital currency but as at the present moment the only direction for bitcoin is up.
Disclaimer: The above is not financial advice. Conduct your own due diligence, or consult a licensed financial advisor.
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