Bitcoin is now valued at $16,718, a year high, and traders are expecting the value to continue to rise due to many factors
The cryptocurrency trading platform, Binance, saw a 2020 high for the price of Bitcoin (BTC). The price recorded was at $16,718 on Monday, slightly increasing to $16,913 on Tuesday morning. There are many factors why the price of Bitcoin is seeing an upward steady trend, mainly due to the announcement of a new vaccine and investment companies as well as asset firms backing the cryptocurrency and adding it to their portfolios.
Analysts and experts expect the upward trend to continue. Moreover, they insist that it is too risky to buy at the current rate it is currently valued at since the cryptocurrency is way ahead of its actual value. Having said that, sooner or later, it is suggested that Bitcoin will experience a fall in price before its next surge.
Nevertheless, the suggestion of a fall in price is not guaranteed in the near future as experts were previously mistaken about this new breakout. Founder of Bollinger Bands Indicator, John Bollinger, admits that he expected to see the price of Bitcoin to cool down and experience "a correction" rather than set a record high.
The $16,718 value for Bitcoin, on Monday, may be due to the lack of supply of the cryptocurrency which makes it more in demand since “3,000 BTC have been withdrawn" every day since it exceeded $10,000, as miners are refusing to sell their BTC, according to an options trader known as “Light”. It may also be due to the fact that Fidelity Investments also launched a Bitcoin Fund while Moderna’s vaccine helped increase the price by nearly 5%.
It is looking more likely that Bitcoin will continue to float around the $16,000 mark with experts suggesting that it may stabilise around this value. This is due to all the mentioned factors such as demand exceeding supply, as well as asset firms backing the cryptocurrency, which have helped against a Bitcoin drop.
SiGMA website adds French as its 6th language:
SiGMA Group is excited to announce the addition of a 6th language to its website. Users can now find all content, including the SiGMA News website, in French. The latest addition to SiGMA’s portfolio of languages will run alongside the recently launched Russian, Mandarin, Spanish, and Portuguese content, and aims to cater to SiGMA’s wide portfolio of international events.