The pandemic has not only shifted the medical community from its axis but also the social and economical community from its axis too and one of the most important problems that many are going through is not having enough money at the time when the whole world is in lockdown. The currency exchange is going low and those who have invested in bitcoin yet have nothing to worry about too.
Bitcoin is a cryptocurrency that is run by a blockchain that keeps track of your spending and transaction methods. It is not a conventional bank but it has the functionality of a bank which is why many people around the globe have invested in bitcoin. However, at this rate when all the currency is going down, So it remains with us to know Bitcoin’s new value.
Satoshi Nakamoto was the first one behind the invention of bitcoin which has a peer to peer blocking system that creates a chain while making any transaction. The value of bitcoin changes and situations vary the ups and downs of the bitcoin currency. Right now at the crucial point of the economy when everything is making its way downwards.
The currency of bitcoin has soared up marking a new high even in the low for $10,000 in which the currency of the bitcoin has marked another of the halving in the market. Because of the coronavirus pandemic, it was going through a loss, however, it has been taken upwards by marking a 40% increase in the value since January 1 this year.
The Value Of The Cryptocurrency That Is Going On Right Now:
Bitcoin has become one of the most talked-about assets in this time of crisis. It has become quite a bit of a problematic task to predict how the reach of bitcoin would react to the upcoming days. Many entrepreneurs have said that the cryptocurrency would only shoot right back up even if it sees a plunge in the value. Entrepreneur Nigel Green who had launched deVere Crypto in early 2018, saw the dip in the value of cryptocurrency which was marked by the up in the value this Monday.
He has claimed “It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when Bitcoin hit $10,500 in a matter of minutes.”, with that being said, he further predicted that the value of the cryptocurrency would rise to $15,000. This claim of the bitcoin currency raising upwards was however refuted. “With the bitcoin halving fast approaching, we believe a short-term pullback is highly likely immediately post-halving, as traders begin taking profits,” said Lennard Neo who is the head of research at a bitcoin index fund Stack that is in Singapore.
Reasons Why It Will Boost Up:
However, the reasons that Nigel green provided that would cause the rise in the currency speaks for itself. He has cited four main reasons behind the rise. At the axis of the rise of the currency value lies the geopolitical issue that has been surging in the US-China trading issues as well as the Brexit complexities.
The second reason behind this lies with the advancement of technological performance at the trying times which made many investors come through and invest in this. The third reason that could sway the case lies in the halving of the price. The price which was in the 12.5 dropped to 6.5. However, it could cause a surge in the price as the halving happens every four years and this is the year for halving.
The fourth one is the growing awareness of the users who are constantly being aware of the technical issues that will make the future a better one. Bitcoin’s new value in Britain which is set in $10,000 will show the way.