Despite the fact that the price of bitcoin fell from $ 42,000 to $ 29,000 on Friday, bitcoin began to recover. Bitcoin recovered from a sharp drop overnight and hit $ 32,500 Friday morning. This Monday alone, bitcoin’s price has dropped by around 9% and has risen sharply!
We know Bitcoin came under selling pressure this week after Janet Yellen, elected by Joe Biden as Treasury Secretary, suggested that the use of cryptocurrencies should be restricted as they were mainly used for illegal financing. We also had a problem with “double spending”.
However, BitMEX said that the double release may actually have been another type of less cumbersome transaction.
Proponents argue that cryptocurrencies are fast becoming a safe asset that can protect investors’ wallets from the dangers of inflation and currency devaluation generated by the extraordinary fiscal and monetary incentives unleashed during the coronavirus pandemic.
The number of institutional investors who are interested in Bitcoin is also growing rapidly. BlackRock announced the demand for the currency.
On the other hand, market interest has increased sharply in recent months. Some analysts say last fall may be an opportunity. It will certainly be an interesting watch for the coming weeks.