London, UK, 2nd Oct 2021, ZEXPRWIRE – According to FinancialCentre’s broker Elon Gold, Bitcoin has been on fire in the past week. On September 3, bitcoin reached a new all-time high at $50K USD (or roughly 37 Lakhs). The price then dipped slightly below that yesterday before recovering this morning to once again set another milestone for itself by reaching close to 50 Kilo bitcoins!
The broker says that this isn’t surprising though considering there are currently two major events happening within a cryptocurrency that could potentially lead people back into investing – one with ETF approval and the other being blockchain technology becoming more mainstream through projects like Ethereum. Both provide hope as we’ve seen how Bitcoin recovers from negatives after both were announced during market dips where many individuals sellers came out because they sensed an opportunity.
He adds on by saying that since then, we’ve seen a rush to sell and another burst of FOMO (fear-of-missing-out) causing the price to surge. Yesterday 4K coins were traded in 24 hours and the past week has seen over $2.5 billion USD worth of bitcoin changing hands so far – which is already close to surpassing the September 2 trading volume. The broker comments this kind of increase in demand can be attributed to bitcoin adoption hitting new highs than ever before.
The broker also highlights that this is precisely why it’s important for you as an investor not to let your emotions get the best of you at such times.
Financial Centre’s broker says Cryptocurrency prices are falling, but one that stands out from others is Bitcoin Gold. The price has fallen 8% in a week and reached an all-time high of $87 during this period–an increase by 5%. After dipping below its previous low at 63 cents per coin last month (about Rs 47 lakh), it resumed climbing significantly after reaching 65 000 earlier this year; even till now, there have been no signs of slowing down! It would make sense then if those who’ve bet on cryptocurrencies were diversifying into other coins such as Bloomberg’s Crypto Asset Index hype train which tracks the top ten digital currencies based on market cap with each index fund tracking different strategies – both.
According to the FinancialCentre’s broker Bitcoin’s rise above $50,000 on Monday comes just a day ahead of El Salvador’s plan to recognize the cryptocurrency as legal tender. In June President Nayib Bukele had submitted a proposal which received approval for his nation from both houses in July allowing coins and bars valued at up exchange rate of 1:1 with fiat currency ( Guatemalan Quetzal)
Financial Centre’s broker says in order not to have any further problems when trading these Bitcoins into another country or vice versa once they’re imported there will be no need anymore because what has been happening lately is that many countries around south America are banning anything related to cryptocurrency.
He says Bitcoin prices in India have been on an upward trajectory since May, with a few dips along the way. In just six weeks’ time, Bitcoin’s value has grown over 10% and it reached close to 40 Lakh rupees before 6 pm. This is exciting stuff for cryptocurrency enthusiasts here but as always there will be those who disagree.
Ether, too, joins the rally. On the back of Bitcoin’s revival from its rout in May and with it Ether’s strong run began last month after an upgrade by London-based cryptocurrency exchange Poloniex – which also allowed them access to more USDT pairs on Friday when they hit over $4k for the first time since May trading at around Rs 2 lakh today (Monday, September 6). However, this appears not enough as coins dipped slightly lower dipping below 3K ($382) where it stands now but still up 18%.
In the past week, Ethereum’s price has increased by 25% to around 3 thousand Indian Rupees.
Alongside Bitcoin and Ether, there are a few other altcoins too vying for their place in the limelight. Cardano is number 3 of these coins with its value touching $2.91 (around Rs 213). Two others that have risen by about 36% each over the past 7 days include Polkadot at 3501 USD or 2559 INR) while Solana was 143 887 dollars as I write this which would put it near 10 516 Indian Rupees
He says in recent weeks prices vary considerably depending on where you look but one thing remains constant: all cryptocurrencies will keep fluctuating until they reach stability.
Financial Centre’s broker says that Bitcoin’s lack of growth in September is not an isolated incident. In six out of the past eight years, Bitcoin has experienced negative returns for August and January but this year looks to be different. One can only hope that 2022 will yield a turnaround after all these years.
Financial Centre’s broker days that for the current week, financial experts are expecting negative returns for August and January but this time it’s different. One can only hope that 2022 will yield a turnaround after all these years.
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