Price of Bitcoin continues to be in a bullish posture following a remarkable month close at $13,850, which is a matter of basis points away from its highest ever month close.
Bitcoin Value activity has become bolstered by PayPal’s recent announcement that it would begin 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 fifty dolars million itself.
With all basic variables now seemingly in place, from a technical viewpoint Bitcoin is in an even more powerful position with the previously stubborn $13,000 amount of resistance now ending up as a quality of support.
Nevertheless, it is really worth noting that even during 2017’s sensational bull market, short-term sell offs occur more frequently.
This’s usually due to high net-worth traders taking profits, which results in a cascade in sell orders and liquidations from those using high leverage.
At this stage, even when Bitcoin Price suffers a sell-off to $12,600 it will remain in a bullish long-term position, although it’s worth considering that the upcoming US election might 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 people, or this person, are.
The paper outlined a method of making use of a P2P network for electronic transactions without being dependent on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number zero (or perhaps the genesis block), which had a reward of fifty Bitcoins.