[16]
Why is Bitcoin Price Rising ?
[20]
Bitcoin is just 12% shy of its previous all-time
high of USD 19,891.0 as strong momentum unfolds.
[33]
The cryptocurrency is presently well supported
by market sentiments over the need for hedging
[40]
risk against a macro backdrop of unprecedented
levels of fiscal stimulus and low or
[56]
negative interest rates.
[63]
Since the last halving day on 11 May 2020,
the currency has gained tremendous strength
[72]
as the supply narrows.
[74]
Furthermore, the higher acceptance of bitcoin
is also pulling some strings up with PayPal
[81]
– the global payment technology giant recently
announcing its intention of
[96]
allowing bitcoin transactions across its platform
[102]
The annual volatility figure
[121]
Bitcoin is grabbing eyeballs again. The currency
continues to climb and is closing in on the
[133]
levels not seen since it reached its highest
ever mark three years ago.
[142]
Bitcoin is just 12% shy of its previous all-time
high of USD 19,891.0, last seen on 17 December
[152]
2017 with the currency clinching a high of
USD 18,180.0 (as on 18 November 2020 3:21
[163]
PM AEDT). The currency has now penetrated
its long-term resistance USD 18,000 mark,
[173]
and the market participants are closely watching
the USD 20,000 levels. The chorus is growing
[181]
for the crypto to scale the USD 20K levels.
[192]
The Squeezing Supply - Since the last halving
day on 11 May 2020, the reward for mining
[200]
a block in a blockchain has been reduced by
50 per cent to 6.25 bitcoins per block, which
[209]
would be further reduced to 3.125 per block
after 210,000 blocks have been mined. Many
[218]
industry experts anticipate that with current
computational power and hash rates, the next
[226]
halving would fall on 8 May 2024 21:09:46
UTC.
[229]
On 21 October 2020, PayPal disclosed its intention
to enter the cryptocurrency space by allowing
[234]
its customers to transact in Bitcoins and
various other cryptocurrencies through their
[236]
PayPal accounts. Furthermore, the Company
envisions to enable its ~ 26 million merchants
[238]
to accept bitcoin as a source of financial
transactions and ownership transfer.To begin
[244]
with, the global payment technology giant
would enable four currencies on its platform,
[251]
namely, Litecoin, Bitcoin Cash, Ethereum,
and Bitcoin.
