Bitcoin reached an all-time high of $41,999 about two and a half weeks ago, but since then
Bitcoin reached an all-time high of $41,999 about two and a half weeks ago, but since then, the price has dropped around $10,000, and while the coin initially struggled to rally, these efforts failed, these days the price appears to have entered a period of relative stability. , where it often oscillates between two boundary levels.
Bitcoin price seems stable
About a week ago, it was Bitcoin price Apparently on its way to a rally after falling from all-time highs near $42,000 to $31,000, where it managed to climb to $37,875 before it began experiencing a significant drop on Jan. 19, which lasted for several days which pushed the currency higher. The aforementioned reached $28,810, after that, it witnessed a strong recovery and reached $33,900 on Jan 22nd.
Since then, the price has been oscillating between the $31,000 to $34,000 levels, and the next few days are likely to bring another small recovery, before the price starts declining towards the support level again.
Uncertainty about cryptocurrency is greater than ever
The new record high of bitcoin is still a major topic in the crypto market though some time has passed since its arrival. in the United States.
The biggest drop in the coin’s price in the past week occurred around January 20, after the United States finally got its new president, “Joe Biden,” while former President “Donald Trump” was never a fan of cryptocurrency, Biden’s position is expected to be Towards cryptocurrencies is just as bad.
New Treasury Secretary Janet Yellen has said more than once that she believes that Bitcoin is only used by criminals for illegal purposes such as money laundering, terrorist financing, tax evasion, etc.
But it is likely that this is only the initial concern in the cryptocurrency industry, and the situation will stabilize in time. Many have stated that Yellen can be explained and that her being in charge is much better than that of her predecessor, insisting that she does not understand crypto yet.
However, it is not entirely bad, as the CEO of Microstrategy said that he believes that 2021 will be a good year for bitcoin, and given the fact that Microstrategy holds huge amounts of bitcoin on behalf of institutional clients, it is very likely that the company has done extensive research In order to recommend the best course of action.
At the moment investors are waiting to see Biden's regulatory approach towards Bitcoin and the crypto sector, and this is really reflected in the price of the coin which remains essentially flat with only slight fluctuations.