Price of Bitcoin is still 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 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 $50 million itself.
With all fundamental variables now apparently in place, out of a technical perspective Bitcoin is actually in an even much stronger position with the previously obstinate $13,000 level of resistance now becoming a quality of support.
But, it’s worth noting that actually during 2017’s sensational bull market, short term sell offs occur a lot more often.
This’s usually due to high net worth traders taking earnings, which triggers a cascade in sell orders as well as liquidations from those using top leverage.
Around this point, even when Bitcoin Price suffers a sell off to $12,600 it would stay in a bullish long-term position, although it’s worth taking into consideration that the upcoming US election could cause volatile swings across just about 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 this person, or people, are actually.
The paper outlined a strategy of making use of a P2P network for electric transactions without being dependent 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 50 Bitcoins.