Price of Bitcoin remains in a bullish posture following a remarkable month close at $13,850, which happens to be a question of basis points away from its highest ever month close.
Bitcoin Value action continues to be bolstered by PayPal’s recent announcement that it would start facilitating cryptocurrency buys and also 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 today seemingly in place, out of a technical viewpoint Bitcoin is in an even stronger position with the before stubborn $13,000 degree of resistance now being a quality of support.
However, it’s really worth noting that even during 2017’s sensational bull market, short term sell-offs happen a lot more frequently.
This’s usually due to high net-worth traders taking earnings, which results in a cascade in sell orders and liquidations from those employing high leverage.
Around 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 taking into consideration 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. This was written by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a strategy of utilizing a P2P network for electric transactions without being reliant on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or perhaps the genesis block), which had a reward of 50 Bitcoins.