Cryptocurrencies like Bitcoin are 'apolitical' says financial expert
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The price of bitcoin has steadied following a leap at the beginning of this week while other cryptocurrencies like Ethereum, Cardano and dogecoin have remained relatively stable. Positive news in the cryptocurrency sphere is the cause of the surge, with heads of America’s Federal Reserve admitting they have no intention of banning bitcoin, which has in turn emboldened investors.
What is bitcoin’s current price?
On Tuesday bitcoin reached above $57,000, reaching a five-month high, with its total gains for October up by 33 percent, according to Coinmetrics.
The cryptocurrency dipped slightly on Wednesday morning to $56,000.
Bitcoin still remains up by more than 10 percent week-on-week and has remained largely stable since the sudden surge at the beginning of this month.
The market cap also remains above $1 trillion, however the overall cryptocurrency market cap has fallen by just over two percent to $2.29 trillion during the last 24 hours.
READ MORE: Bitcoin price: ‘Worthless’ coin facing major crackdown–JPMorgan
Will bitcoin surpass Apple?
Bitcoin’s price increase has pushed the overall cryptocurrency market cap above £2.3 trillion.
The currency has now overtaken the value of tech giants such as Amazon, Google, and Microsoft.
Bitcoin has not yet surpassed Apple however – though only by less than $50 billion.
The surge has proven the predictions of some cryptocurrency analysts to be correct, with some guessing earlier this year that record highs would be seen before the end of 2021.
The stalwart cryptocurrency has recovered well from one of the huge price crash in mid-April 2021.
The coin crashed to below $30,000 following China’s crackdown on crypto.
China’s central bank has since announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as bitcoin.
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This includes all circulation, transactions, and mining internationally and nationally from entering China’s market.
Chinese government agencies have repeatedly raised concerns that cryptocurrency speculation could disrupt the country’s economic and financial order, one of Beijing’s top priorities.
China also sees cryptocurrencies as a threat to its sovereign digital-yuan, which is at an advanced pilot stage.
Paolo Ardoino, chief technology officer of the exchange Bitfinex, told the Independent: “Periodic ‘shock-tests’ seem to only make bitcoin grow stronger.
“The hashrate is recovering to reach a near all-time high in the wake of the China ban.
“We see the king of crypto is once again showing its resilience.
“In the case of any ban or restrictions on bitcoin, there will always be someone left to fill the void.
“We expect to see others step up as China’s power diminishes. This is a true testament to the far reach and resilience of the industry.”
Despite the initial shock, analysts said they did not expect the crackdown to dent global crypto-asset prices in the long term as companies continue to adopt crypto products and services.
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