Price of Bitcoin is still in a bullish posture following a remarkable monthly close at $13,850, which is a matter of basis points away from its highest ever monthly close.
Bitcoin Value activity continues to be bolstered by PayPal’s recent announcement that it will start facilitating cryptocurrency buys and sells.
This followed an influx of institutional investment earlier this year, with MicroStrategy buying $475 million worth of Bitcoin in September before Square invested fifty dolars million itself.
With all fundamental variables now apparently in place, from a technical viewpoint Bitcoin is in an even much stronger position with the previously stubborn $13,000 degree of resistance now ending up as a quality of support.
But, it’s worth noting that actually during 2017’s sensational bull market, short-term sell offs happen far more often.
This is usually due to high net-worth traders taking earnings, which causes a cascade in liquidations and sell orders from those using top leverage.
During this stage, even if Bitcoin Price suffers a sell off to $12,600 it would stay in a bullish long term position, even thought it’s worth looking at 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 written by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows exactly who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without being dependent on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or maybe the genesis block), which had a reward of fifty Bitcoins.