Right now, Bitcoin’s Fear and Greed Index is at 46, indicating fear in the market. Increasing scrutiny of the crypto market by regulators spooked many institutional investors, who have reduced their holdings in digital assets. Inflation cooled down while interest rates remained high, encouraging investors to switch from holding BTC to holding treasury bills. However, Bitcoin’s momentum stalled and then suffered a dramatic collapse in mid-August, with the catalyst believed to be SpaceX selling off their BTC holdings. The token was up 89.5% and both institutional and retail investors were flocking to BTC as an inflation-proof asset similar to gold, amid reports that huge investment firms were moving to offer spot Bitcoin ETFs. Until mid-July, it appeared as though 2023 could be a breakout year for Bitcoin. BTC further dipped in early September, touching $25k but not breaking resistance.Bitcoin fell 7.2% in one day in mid-August, as the price plummeted from $29k to $26k in less than 24 hours.BTC started 2023 with an 83% gain to reach a high of $31,035.Here are some of the key events in Bitcoin’s price action: In the last week the price has dropped 2.5%. In fact, the coin suffered its biggest one-day drop (-7.2%) since November 2022, with some attributing a Wall Street Journal report that Elon Musk’s SpaceX sold its Bitcoin holdings.Īnother drop then followed in mid-September – although the $25k resistance line was not broken. However, on August 16 and 17, BTC suffered a sharp drop, moving from $29k to $26k – a two-month low – in around 12 hours. This price also represented a break above a key resistance level around $30,000.īetween April and the end of July, Bitcoin traded at around $30k, almost touching $32k with positive sentiment amid a wave of spot Bitcoin ETFs being applied for from the likes of BlackRock and Fidelity. The coin gained 83% year-to-date by April 10, when it hit a high of $31,035. Starting in January 2023, BTC staged a turnaround. However, it fell as low as $15,760 in December 2022 in the midst of the so-called “ crypto winter”, that had been affected by numerous macroeconomic factors such as rising inflation, the Russia-Ukraine War and energy crisis, the collapse of Terra and FTX and so on. Subsequent booms in 20 saw BTC hit new record highs. In 2017, the first Bitcoin boom saw the price of BTC rise to more than $15,000. At the time, it was also the first use of blockchain technology.īitcoin was largely worthless during the first several years of its existence, but started to gain traction from 2013 to 2015. When investing, your capital is at risk.Bitcoin was the first cryptocurrency, created by pseudonymous creator Satoshi Nakamoto in 2009. Whether Bitcoin indeed manages to follow the path of one of the above technologies and reach the prices predicted will depend on the positive indicators on its charts, such as the lack of resistance that could push it toward $35,000, as well as the general atmosphere on the wider crypto market.ĭisclaimer: The content on this site should not be considered investment advice. Meanwhile, the current price of the flagship decentralized finance ( DeFi) asset is $31,067, which demonstrates an increase of 1.09% on the day, 3.15% across the week, and 14.62% on its monthly chart, as per the latest data retrieved on June 30. At the same time, the above logic indicates that the maiden cryptocurrency could reach an average price of $110,636 by the end of 2025 (up +256%), as its price based on the internet’s growth could reach $50,202, $48,942 where mobile tech is concerned, $88,713 if Google is any indicator, or $254,687 if it took the same road as Facebook.
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