The price of Bitcoin and the cryptocurrency market start the holiday season with good prospects, after a recovery in recent days.
For members of the crypto community, one of the main indicators of the health of the world of cryptocurrencies is the price of Bitcoin. When it is high, we know that the interest around virtual currencies is on the rise. And when the price falls, so does the attention to this market. Therefore, today we want to talk about how the price of BTC starts in December.
The start of volatility
Talking about the cryptocurrency market is talking about volatility. Well, the variations in the price of Bitcoin, with its spectacular rises and sudden falls. They make this cryptoactive, and by extension the entire crypto world, be recognized for the lack of stability in its prices.
Something that the last few months have only confirmed, because during them, we have seen the price of Bitcoin give abrupt changes practically every couple of weeks. Having this period of instability, a clear start on September 24.
That day, the closeness of the expiration of future contracts on Bitcoin of the Chicago Mercantile Exchange, unleashed a speculative wave. Encouraging an excessive supply of Bitcoins, pulling down market prices. However, the suddenness in the movement of the BTC price cannot be attributed only to the CME contracts.
And it is that, already in CriptoTendencia, we warned that the Bitcoin market was going through an atypical situation. It is known as a “sideways market”, not presenting a clear upward or downward trend in the price of BTC. This state of affairs should break at any moment, as it finally did with the spark that the CME contracts represented.
the last few months
Since then, the crypto market has not found peace, with the Bitcoin price story of the last few months being a collection of miraculous recoveries. Including the rise of October 25 , spurred by the declarations of the President of China Xi Jinping in favor of Blockchain technology.
But also sharp falls like the one that caused Bitcoin to lose the floor of 7,000 dollars, after 5 days of continuous falls that began on November 23. Which led experts to believe that the cryptocurrency could fall to $2,500, or even less.
This last fall would also have had its cause in China. But on that occasion because of the persecution to which the Chinese government subjected exchanges in the city of Shanghai. This raised investor fears of a possible tightening of the government's policy in Beijing on cryptocurrencies.
Bitcoin in December
And in this way we enter the holiday season, when it seems that China will not apply new restrictions against the crypto world. Settling for developing government capabilities in Blockchain technology. And prevent the rise of new exchanges in Shanghai.
Which, along with the movements of the crypto whales, has led to a new growth in the price of Bitcoin. Which has reached $7,414 per BTC today, after having touched a floor of $6,559.
This brings more than positive perspectives for the development of the price of the cryptocurrency during these weeks. When the consumption of the Christmas season, it would be another factor that would drive the movement of the crypto market. Driving demand, and the price of cryptocurrency with it.
However, this though would be positive in the short term for the crypto market. It would not mean the end of the period of instability that Bitcoin has suffered in recent months.
And that at the end of the day, it is the biggest challenge facing cryptocurrency. Therefore, for December, we can expect a positive period in the price of BTC, but without it being clear that it will be able to stabilize the market. Making this our Fact of the Day here at CriptoTendencia.
إرسال تعليق