Price of Bitcoin remains in a bullish posture following a remarkable monthly close at $13,850, which is a question of basis points away from its highest ever monthly close.
Bitcoin Value activity has been bolstered by PayPal’s recent announcement that it will begin 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 fundamental variables now seemingly in place, out of a technical perspective Bitcoin is actually in an even stronger position with the before obstinate $13,000 degree of resistance now being a quality of support.
However, it is really worth noting that even 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 triggers a cascade in liquidations and sell orders from those using of exceptional leverage.
During this point, even when Bitcoin Price suffers a sell-off to $12,600 it will remain in a bullish long term position, although it is worth considering that the upcoming US election may cause volatile swings across 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 authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a technique of utilizing a P2P network for electric transactions without relying on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number zero (or maybe the genesis block), which had a reward of fifty Bitcoins.