Price of Bitcoin continues to be in a bullish posture following a remarkable month close at $13,850, which happens to be a situation of basis points away from its highest ever month close.
Bitcoin Value action has become bolstered by PayPal’s recent announcement that it would 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 $50 million itself.
With all basic variables today apparently in place, from a technical point of view Bitcoin is actually in an even stronger position with the previously obstinate $13,000 amount of resistance now becoming a level of support.
But, it’s really worth noting that even during 2017’s sensational bull market, short term sell offs happen a lot more often.
This is typically due to high net worth traders taking profits, which triggers a cascade in liquidations and sell orders from those using top leverage.
At this stage, even when Bitcoin Price suffers a sell-off to $12,600 it will continue in a bullish long-term position, even thought it’s worth considering that the upcoming US election might cause volatile swings across all worldwide 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 exactly who people, or this person, are actually.
The paper outlined a strategy of using a P2P network for electric transactions without relying on trust. On January three 2009, the Bitcoin network came into existence. Nakamoto mined block number zero (or perhaps the genesis block), which had a reward of 50 Bitcoins.