There was a time when people were transacting thousands of Bitcoin across the web for various purposes, be it betting online, paying tips casually, or even buying drugs. A man even paid 10,000 BTC for two delivered Papa John pizzas. But little did he and every other Bitcoin spender know that their few cents worth of a digital asset would one day become as valuable as $65,000 per token.
The third week of May saw a sharp decrease in the prices of the cryptocurrency market. Mainly, the market felt it compared to April’s numbers, when the most popular cryptocurrencies, such as Bitcoin, reached their record high volumes.
When Elon Musk was ranting openly about how bad Bitcoin is for the environment t — even though the billionaire investor had his company Tesla pour $1.5 billion into the flagship cryptocurrency — one of his arguments concerned its public ledger’s centralization.
BTC/USD finally showed strengthening signs of becoming an independent asset. The cryptocurrency’s lack of responsiveness to Mr. Mnuchin’s anti-economy proved its resilience.
At one point on Monday, Bitcoin was down 4.30 percent from its opening rate at $15,482.
The first time Bitcoin witnessed a US election was when it was only three years old. The cryptocurrency was about to celebrate its second anniversary as a tradable financial asset on now-defunct Mt. Gox exchange – even as half of the world assumed it was a scam, a Ponzi scheme, a terrorist financing/money laundering tool, and whatnot.
With a history of firing nasty comments at Bitcoin, the Wall Street mammoth, ranging anywhere from “bubble” to “financial scam,” appeared with candies in its hands this time.
The dilemma was the same at the beginning of July 2020: could or could not Wall Street earnings influence the Bitcoin price trend? Entering October 2020, the market has some clues about it.
A battered final month of the third quarter signaled more pain for Bitcoin, a decentralized cryptocurrency known for hedging global market risks and enabling cheaper and quicker cross-border payments.
Steven Mnuchin was one of the biggest catalysts behind the Bitcoin rebound last week.