- Bitcoin birthday marks 12 years of the cryptocurrency revolution.
- $14000 record mark made on Bitcoin birthday.
- Bitcoin proves resilient amidst a growing world crisis.
Satoshi Nakamoto submitted his white paper on peer to peer electronic cash, later dubbed the cryptocurrency, on 31 October, 12 years ago. This lead to the birth of the first digital currency, “Bitcoin” (BTC). Satoshi’s vision of paperless transactions was to aim for online payments diminishing the need for a financial body. The white paper was a mere flicker that has now turned into the biggest revolution in technology and the financial industry alike.
Bitcoin’s birthday bash is further marked with the currency king hitting a record $14,000 high. BTC had not hit the $14k level since January 2018 as per data and charts.
Since hitting the record mark, BTC has been dropping and as of Universal Time coordinated (UTC) 5 pm the currency is trading at $ 13,823. A 2.11% increase has been witnessed in the past day.
Bitcoin birthday amidst world crisis
The pandemic hit hard and turned the outlook towards BTC as a tricky asset. The United States (US) presidential elections were an important factor too, adding sensitivity to the BTC price movement. The second and third phase of COVID-19 was also expected to affect the BTC pricing ratio. However, Bitcoin’s birthday performance was deemed highly impressive and quite unexpected.
Bitcoin’s pliability and performance with so many hovering challenges proves the initial phase of bullish Bitcoin Market around the corner, said Qiao Wang, former director of Messari Products. BTC has proved its exemplary mark in pushing a record performance despite facing concurrent situations of the election, pandemic and Fear, Uncertainty, and Doubt (FUD) of crypto exchanges worldwide.
CryptoQuant, a Korean blockchain analytics startup, said that data charts clearly reveal a decrease in Bitcoin depositors at cryptocurrency exchanges, which builds coercion towards lowering the selling price.