Bitcoin Struggles to Gain Momentum Despite Microsoft Support

Bitcoin-Struggles-to-Gain-Momentum-Despite-Microsoft-Support
  • Microsoft Excel adds the Bitcoin currency symbol to its list of currencies. 
  • The price of Bitcoin (BTC) took a hit 3 days ago and fell by over 10%. 
  • Bitcoin struggles to gain momentum amidst the fearful crypto market sentiment.

In a stunning show of support, Microsoft Excel added the Bitcoin (BTC) currency symbol ‘₿’ to its list of currencies on its software. This is certainly exciting news as this shows that Bitcoin (BTC) has indeed joined the mainstream world. 

Adding on, this not only means that the masses believe that Bitcoin (BTC) is here to stay, but it also shows that many have accepted Bitcoin to be a universally recognized financial asset, even by big corporations. 

The move sparked a hearty discussion on Reddit. Specifically, the CryptoCurrency thread talked about Bitcoin’s appearance on the list of supported currencies on Microsoft Excel. One comment in particular states that it was inevitable as Bitcoin (BTC) will be the future currency of the internet. 

This is good news as mainstream acceptance for Bitcoin (BTC) will only further elevate its status in the eyes of the public. This means that more people will adopt Bitcoin (BTC) as a currency and as something that can hold value. In turn, it will further drive the price and value of Bitcoin (BTC).  

The market was headed into a bullish market but the price of Bitcoin (BTC) took a hit on August 19. In fact, it fell by over 10% in a day, from almost $23,500 to almost $21,000. Many did not expect this sudden dip in the price. 

However, it seems that the asset is already on the road to recovery. Presently, according to CoinGecko analytics, the price of Bitcoin (BTC) is working its way back up towards the $21,500 mark. Whilst many are expecting the price of Bitcoin to soar above $100,000 at the end of the year, some even higher, it seems the market is still making its way there. Currently, the Crypto Fear & Greed Index points to 29 indicating fear in the market. This is unfortunate as the number dropped from 45 last week. It seems the crypto market will need a little more time to work its way back up to a bullish trend.

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