Is the worse over for Bitcoin as value of the coin starts to rise again

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It seems the worse is over for Bitcoin as the coin began to rise in the ear­ly weeks of 2023. Fur­ther­more, a year-to-date high of $21,647 has giv­en cryp­tocur­ren­cy traders hope that the worst of the bear mar­ket is over. “Bitcoin’s decen­tralised nature allows it to main­tain sta­bil­i­ty in glob­al trade even dur­ing eco­nom­ic frailty,” Edul Patel, founder and CEO, Mudrex, a cryp­tocur­ren­cy exchange told FE Blockchain.

It is to be fur­ther not­ed that as per a recent report by Glassnode, a blockchain data plat­form, BTC vol­ume has more than dou­bled over the past week, reach­ing $10.8 bil­lion, a 114% increase over the pre­vi­ous sev­en days. “In these times of glob­al eco­nom­ic tur­moil, dig­i­tal cur­ren­cies like Bit­coin could be poten­tial dri­vers of finan­cial sta­bil­i­ty, equi­ty, inno­va­tion, and mar­ket incen­tives for envi­ron­men­tal sus­tain­abil­i­ty. In terms of cur­ren­cy mobil­i­ty, dig­i­tal cur­ren­cies have emerged as a strong com­peti­tor to their fiat coun­ter­part in today’s age with the advent of mass web3 adop­tion,” Swap­nil Pawar, founder, Newrl, noted.

How­ev­er, some mar­ket ana­lysts note that due to the resilience of high infla­tion, equi­ty mar­kets may con­tin­ue to trem­ble, but Bitcoin’s diver­gence from the stock mar­ket may help BTC turn into an invest­ment hedge. “Cryp­tocur­ren­cy rails can facil­i­tate seam­less pay­ments faster, cheap­er, and secure­ly. To have a per­sis­tent and sticky land­ing for cryp­to, being util­i­ty first is a must. Reg­u­la­tors will look more kind­ly at cryp­tocur­ren­cy like bit­coin if it’s util­i­ty first rather than being a spec­u­la­tive store of val­ue. Glob­al trade can be a lot more effi­cient in cross-bor­der trans­ac­tions for sure and is a great oppor­tu­ni­ty for cryp­tocur­ren­cies to step in,” Nikhil Kurhe, founder, and CEO, Finarkein Ana­lyt­ics, noted.

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