Price of Bitcoin remains in a bullish posture following a remarkable month close at $13,850, which is a matter of basis points away from its highest ever monthly close.
Bitcoin Value activity has become bolstered by PayPal’s recent announcement that it would start facilitating cryptocurrency buys and also sells.
This followed an influx of institutional investment earlier this year, with MicroStrategy buying $475 million worth of Bitcoin in September before Square invested $50 million itself.
With all basic variables these days seemingly in place, from a technical point of view Bitcoin is actually in an even stronger position with the before obstinate $13,000 amount of resistance now becoming a level of support.
But, it is worth noting that actually during 2017’s sensational bull market, short term sell offs happen far more often.
This’s typically due to high net-worth traders taking profits, which causes a cascade in liquidations as well as sell orders from those using top leverage.
Around this point, even if Bitcoin Price suffers a sell-off to $12,600 it would remain in a bullish long-term position, though it is worth taking into consideration that the upcoming US election could 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. It was penned by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electric transactions without relying on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or the genesis block), which had a reward of fifty Bitcoins.