- Bitcoin is in trading in bullish sentiment in the past few days.
- In 2021, China banned Bitcoin mining.
- FTX collapse in the year the year 2022.
Bitcoin, the most popular and pioneering cryptocurrency, has had a choppy journey so far in the market for digital currencies. One such challenge that the giant coin elicits is the Chinese government’s decision to outlaw Bitcoin in 2021. Due to this ban, Bitcoin’s market value fell by more than 50 percent.
In spite of the fact that the BTC market had a loss following the ban, Bitcoin demonstrated its strength when it later recovered the loss, which resulted in the network’s hashrate increasing by around 113% in a period of five months.
In addition, the cryptocurrency market as a whole went through a bear market during the year 2022. This comes after the failure of the FTX exchange, whose CEO, Sam-Bankman Fried, was accused of diverting cash belonging to customers. This led to the exchange’s collapse. The drama that unfolded as a result of this event caused the price of Bitcoin to plummet to new all-time lows of $15,000.
Nevertheless, in spite of all of these obstacles, Bitcoin has demonstrated that it cannot be stopped. The price of one bitcoin (BTC) initially started moving in an upward direction at the start of this year. The price of bitcoin has reached a new monthly high of $21,438.66 so far in 2023.
At this time, Bitcoin is trading at $21,285.74, which represents a price increase of 0.67% over the course of the previous 24 hours. The trading price of bitcoin is currently at a low of $21,078.33 (support), while it has reached a high of $21,438.66 (resistance), and it has seen a total trading volume of $24,527,625,297 in the previous twenty-four hours.
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