Bitcoin recent news
Since October 2020, Bitcoin recent news has risen to new all-time highs every month. It recently surpassed the $50,000 (37 lakhs) mark, and it appears to be moving toward $60,000 (43 lakhs) soon.
Throughout its history, Bitcoin has experienced highly volatile peaks and troughs. In June of this year, it reached a high of about $14,000. It ran into a lot of opposition at this stage, and it couldn’t get past it.
What is the current situation of Bitcoin?
It is retested this resistance point in October, only to slip back down. Bitcoin broke through $14,000 on November 4th and continued to rise. This is notable because the previous all-time high of $20,000 is Bitcoin’s next resistance point.
After recent bitcoin news with Bitcoin no longer having a theoretical resistance point until its previous all-time high of $20,000, many investors are optimistic that the cryptocurrency would be able to retest or even breakthrough that level. Bitcoin’s value has risen as a result of this speculation.
The rising inflation of the US dollar is another explanation for Bitcoin’s growth. Although annual inflation is on average 2%, recent stimulus spending is on track to significantly raise inflation and erode the buying power of the dollar. The US economy has gained about $2.4 trillion as a result of recent stimulus packages. To protect themselves from increasing inflation, many people have abandoned the dollar in favor of assets that have traditionally retained or even increased in value. People typically turn their dollars into assets that are scarce or less expensive in general to escape inflation or volatile markets. Another factor behind Bitcoin’s price rise is its increasing acceptance as a payment method. PayPal (PYPL) recently revealed that its customers and merchants would soon be able to purchase, sell, keep, and accept Bitcoin and other cryptocurrencies as payment.