Price of Bitcoin continues to be in a bullish posture following a remarkable month close at $13,850, which is a matter of basis points away from its highest ever month close.
Bitcoin Value action has become bolstered by PayPal’s recent announcement that it will begin facilitating cryptocurrency buys and 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 basic variables now apparently in place, out of a technical point of view Bitcoin is in an even more powerful position with the previously stubborn $13,000 amount of resistance now becoming a level of support.
But, it is really worth noting that actually during 2017’s sensational bull market, short-term sell offs occur a lot more frequently.
This’s usually due to high net-worth traders taking earnings, which causes a cascade in sell orders and liquidations from those utilizing of good leverage.
At this point, even if Bitcoin Price suffers a sell-off to $12,600 it will stay in a bullish long term position, although it’s worth taking into consideration that the upcoming US election could cause volatile swings across almost all worldwide 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 penned by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows exactly who people, or this person, are actually.
The paper outlined a strategy of using a P2P network for electric transactions without being reliant on trust. On January three 2009, the Bitcoin network came into existence. Nakamoto mined block number zero (or maybe the genesis block), which had a reward of fifty Bitcoins.