Price of Bitcoin is still in a bullish posture following a remarkable monthly close at $13,850, which happens to be a question of basis points away from its highest ever monthly close.
Bitcoin Value action continues to be bolstered by PayPal’s recent announcement that it would start facilitating cryptocurrency buys and also sells.
This followed an influx of institutional buy earlier this year, with MicroStrategy buying $475 million worth of Bitcoin in September before Square invested $50 million itself.
With all fundamental variables these days apparently in place, out of a technical perspective Bitcoin is actually in an even stronger position with the previously stubborn $13,000 level of resistance now becoming a quality of support.
However, it is really worth noting that actually during 2017’s sensational bull market, short-term sell-offs happen a lot more often.
This’s typically due to high net worth traders taking earnings, which causes a cascade in sell orders and liquidations from those utilizing of good leverage.
During this stage, even when Bitcoin Price suffers a sell off to $12,600 it would stay in a bullish long-term position, though it’s worth taking into consideration that the upcoming US election may cause volatile swings across almost all global markets. Read:
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called Bitcoin: A Peer-to-Peer Electronic Cash System. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who people, or this person, are.
The paper outlined a strategy of using a P2P network for electronic transactions without being dependent on trust. On January three 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or maybe the genesis block), which had a reward of fifty Bitcoins.