We are in a situation where few analysts expected Sharp growth and such a moment for the digital currency market. The whole world was practically surprised by this price shock, and in many news outlets there was talk of a deviation from the logical trend of bitcoin prices. Many believe that the bitcoin market is in a situation where it can technically experience a decline of up to $ 30,000. In this analysis, we will review the latest news in this field as well as review the factors affecting the price of this currency code. Please be with Artan Press.
*** Bitcoin trades on the climb circuit
Last Friday was a very green day for Bitcoin traders. This currency code, which has practically taken over the kingdom and leadership of the world’s digital currencies, was able to increase its intrinsic market value by 10% in one day. On this day, the Bitcoin market became worth $ 900 billion for the first time by breaking prices in instant trading. This became the pretext for a wide range of investors to enter the market at a weekly price peak and experience the price of $ 5,000 Bitcoin candlesticks.
*** Set a new Bitcoin price record
The rising trend of bitcoin prices continued until the last hours of Saturday. One of the oldest bitcoin trading bases, Bitsump, set a new record of $ 49,000 in bitcoin trading on Saturday, bringing the total value of the virtual currency to $ 912.69 billion. It should be noted that the most important factor in the fluctuation of bitcoin prices is the news related to the behavior of the world’s powerful industries towards bitcoin and other virtual currencies.
*** The volatile nature of digital currencies
The nature of investing in digital currencies is highly volatile, and in practice analysts are present in the market with the aim of fluctuating, and most people who have entered this market have included medium-term and over-three-month trading schemes in their plans. In the case of bitcoin, price fluctuations are inevitable. Thus, the bitcoin price jump has reached 5% in the last 24 hours and 28% in the last week.
Reaching the $ 900 billion market value of Bitcoin means that $ 354 billion has been added to the market value in 2021 alone.
*** The role of bitcoin in the digital currency portfolio
Bitcoin currently accounts for 61% of the total digital currency market. This was enough to send a huge influx of Iranians to the bitcoin market, which should warn the fuel of capital in this market in the current price situation. Unfortunately, productive markets in Iran are not very efficient in terms of profitability. This issue has been justified in order for the emotional financial markets to face high growth and volume in Iran, and in fact other parallel markets to be in relative stagnation.
*** Bitcoin destination is unknown
The point that new entrants should pay attention to is the volatile nature of bitcoin and other digital currencies. So those who have not bought should not worry or rush, as many experts predict that the price of bitcoin will fall. Take the time to buy at a lower price. Since the trend of large industrial companies in the world have adopted different behavior regarding bitcoin, it is likely that the downward trend in the price of this digital currency is not unexpected.
*** Validation of new bitcoin prices
The conditions created for the bitcoin market will cause this digital currency to achieve its main credit in the market. Tesla (TSLA) announced this week that it would accept bitcoin as payment for its vehicles, and said it had purchased $ 1.5 billion in cryptocurrency as part of its cash assets. Meanwhile, Uber and MasterCard said they plan to start accepting bitcoin. BNY Mellon, the oldest US bank, dating back to the founding of New York Bank by Alexander Hamilton in 1784, has announced that the Digital Assets Unit “And has practically given the green light to the digital currency markets, the impact of which we will see in the medium term.
*** Bitcoin is waiting for the approval of economic giants
As mentioned earlier, in the current context, the value of Bitcoin has relied heavily on the behavior of large technology-based companies. Following the numerous Bitcoin approvals by Tesla CEO Ilan Musk, social sentiment for the digital currency has soared that in the last 48 hours, the number of Bitcoin-related calls has reached 150,000.
*** Global emotional demand for bitcoin
The psychological atmosphere in the bitcoin market was so emotional that the strong demand for bitcoin was selected as the biggest news item in the world last week. Some major platforms, such as Bainance, Gemini, and Kevin Base, have encountered technical difficulties in meeting market demand. With the price of bitcoin rising above $ 47,000, the value of the 12-year-old bitcoin reached $ 818 billion, which is almost equal in market value to Tesla and more than Facebook’s $ 757 billion.
*** US economic factors, the growth factor of bitcoin
But another problem in Ellie markets has pushed the price of Bitcoin, as the leader of the digital currency market, into a rampant fashion. This goes back to the US markets. The Biden administration’s political and economic behavior is moving in a direction that weakens the US national currency.
This will reduce the density of investment in the United States and see the migration of wealth from the US financial markets. Therefore, in the current market conditions for Bitcoin has spread the red carpet to attract capital.
*** Decreasing interest rates, the factor of capital migration to Bitcoin
US Federal Reserve Chairman Jerome Powell has decided to keep interest rates low amid an unfavorable economic outlook. The United States is pouring money into the economy very quickly, and debt is growing rapidly with the purchase of bonds. If this continues for a long time, and especially if the process of injecting cash into the economy in this way, the risk of inflation threatens this economy. Inflation in the United States is on par with the global dollar. The Federal Reserve is well aware that the stock and bond markets are highly dependent on low interest rate flows. Therefore, everything is provided for the migration of capital in the world to Bitcoin.
*** Apple enabled to support currency cryptocurrencies
RBC Capital Investment Bank said in a report that Apple has a good opportunity to offer a cryptocurrency trading mechanism that will help the company increase its market share immediately. According to research by the investment bank, Apple, which has a world-renowned software and secure ecosystem, improves customer security due to its familiarity with customer laws and other regulations that prevent criminal activity in the company’s system. , Can deal with the problems that people face in buying cryptocurrencies.
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