Is Bitcoin Still Ticking Time Bomb?
Within the last week in the crypto markets, Bitcoin has been surprisingly stable[ish] and has been juggling between $6,450 and $6,600. Some investors have come to the conclusion that the markets are becoming boring and it is even getting to the point where they canât make quick trades on BitMex using Bitcoin.
After looking at the Bitcoin charts, we can see that the last Bitcoin was this stable was during the Spring of last year! During this time, Bitcoin seemed to be able to keep its value at around $1,000 to $1,200 until the mainstream media started discussing digital currencies around the the summer months of May and June last year.
This kind of exposure then led to the market leader to peak at $20,000 during mid-December last year.
Could events repeat themselves?
Many investors have already been comparing the stableness of Bitcoin this past week to the similar way it was last year in April. There hasnât been much negative news during this month and not much is expected to come either aside for the ruling by the Securities Exchange Commission (SEC) on the 9 pending ETFs that donât include the one sponsored by CBOE.
This month marks the ten-year anniversary of Bitcoinâs white paper. On the 31st October 2008, Satoshi Nakamoto released the white paper for Bitcoin. The whitepaper is detailed however this is a section of what it says:
â[Bitcoin is] a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending.
We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.â
Bitcoin is currently in the green and is up 1.12% with it being priced at $6.642.92 at the current time of writing.
What are your thoughts? Let us know what you think down in the comments below!
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