Bitcoin is one of the most digital assets in the crypto space. Its market is highly unstable and unpredictable, that even crypto analysts and experts find it challenging to know or expect its future. There are wild fluctuations in bitcoin’s price because of which potential investors hesitate to invest in it. But Bitcoin has made tremendous growth in the market and has helped economies to grow. Due to the covid-19 pandemic when the economies were dropping because of no use or support from traditional currencies, bitcoin and other cryptocurrencies helped economies to boost.
Because of bitcoin’s volatile nature, it is always in news headlines. Earlier, bitcoin was always in the headlines because of its rising prices, but in 2021, it seems it isn’t a good time for bitcoin. There’s a huge drop in the price of bitcoin due to tweets made by Elon Musk and announcement made by the Chinese Banking Association in May 2021. However, the recent bounce of bitcoin is yet to dismiss the doubts among investors about bitcoin’s vulnerability. You can get all the updates about the bitcoin market and new technologies from the https://bitcoin-champion.com/.
In the past two days, 8th and 9th June, cryptocurrency prices have increased around 10%, and bitcoin is traded at #36,993 in London. The rising price and moment may have cheered up bitcoin bulls. Still, JP Morgan Chase & Co. states that backwardation in the future market of bitcoin is where the current prices are more than future prices, which is a reason for vigilance.
Currently, the traders are waiting for the next rise of bitcoin to increase its value from $30,000 to $40,000 and reach somewhat closer to the record that it made in April of $65000. The main obstacles that came in the rise of this digital currency in May 2021 were the Chinese regulatory crackdown and tweets made by Elon Musk. Bitcoin bulls got a bit lifted when El Salvador announced making bitcoin a legal tender.
On June 9, the analysis made by JPMorgan considered the 21 days average of the price of bitcoin and its future. The backwardation observed in its price depicted a strange development and a clear reflection of the weak demand for bitcoin at the current moment from potential investors. As of June 2021, bitcoin’s share of the crypto market is around 42%, dropping from around 70% at the start of 2021. Some crypto analysts describe this drop as the indication of retail-driven investor trivia for lifting all other coins. On the other hand, the strategists of JPMorgan states that the share of bitcoin in the crypto market needs to be more than 50% to make it easier for everyone to dispute over the current bear market.
Let’s learn about other few headlines that bitcoin and other cryptocurrencies made recently.
- The antitrust advisor of the White House named Tim Wu owns more than $1 million in bitcoins. He has also worked in the Obama administration and has recently coined the term “net neutrality” regarding cryptocurrencies.
- On June 9, Bitcoin’s price is $32,987.02, and bitcoin’s supremacy is around 41.34%, which depicts an increase of around 0.39% in a day.
- Donald Trump, the ex-President of the United States, gives his opinion about bitcoin in an interview where he stated that bitcoin is a scam. Bitcoin broke all the records and even crossed the dollar in terms of value which made Donald dislike bitcoin. Due to this value, bitcoin dropped by 10.5% on June 8, and on that day, bitcoin was traded at $32,095.61.
- The pioneer of MicroStrategy focuses more on bitcoin and sells the bonds of the company to purchase bitcoin to be safe and relaxed from inflation. The recent relaxations by Federal Reserve made Michael Saylor take this decision considering the inflation policy.
- Since bitcoin’s inception, the daily transactions of bitcoin dropped to an almost 3-year low, which shows the less demand or interest of institutional investors in bitcoin. The fading interest of investors comes when the prices are changed due to news headlines and other factors.
- The crypto analysts and investors suggest that even if the cryptocurrencies are legal, one should only invest a specific amount in afford to lose.