The Currency Analytics
By Dan Saada
There is likely to be a correlation between holidays and the price of Bitcoin. This is seen at least during times when the bull runs have been pronounced.
The reason behind the holiday effect on the price of Bitcoin is related to the FOMO (Fear of Missing Out).
It has been the trend for family members to talk to the most tech-savvy about what they saw about Bitcoin in the mainstream news.
Even during situations when the market is doing reasonably well, holidays come with a potential to fuel in a renewed interest in the buying of cryptocurrencies and Bitcoin.
Bitcoin is currently trading down over 1% touching upon the current price at $11,360. This has been down from the daily highs of $11,600.
An upward break, however, is seen in the current price trends. There is a typical analyst opinion that BTC will drop by 80% if the existing parabolic trend is violated.
Bitcoin is still a complicated subject for non-specialists. If steered adequately, this technology will be used to effect socio-economic change.
The impending launch of Libra has triggered a panic in the cryptocurrency space. However, for the revolution to take effect, there need to be clear cut regulations in place.
While it is true that the market has been growing, Bershidsky stated, “There has been no good news about cryptocurrencies lately — they aren’t acquiring greater acceptance as…
To the general public, cryptocurrency is like a giant balloon; however, there have been many investors who offer a discriminatory look to Bitcoin versus the Altcoins.