Bitcoin reached its 52-week high with $13,796.49 early on June 27 (India time). In fact, the leading cryptocurrency looks all set to touch $14,000 for the first time since January 14, 2018.
After January 2018, bitcoin prices took a nosedive and regularly reached new lows in the following year. With a sharp decline in the latter half of January 2018, it touched $10,000 in February. During that period between January and February, it went south around 65 percent.
Bitcoin did manage to recover a bit a touched $11,000 in March but went below $7,000 in April. By the end of November, it went below $4,000. It was the same month when bitcoin’s market capitalization went under $100 billion for the first time since October 2017.
Many experts tried to decipher the reason behind the great crypto crash in 2018. It was the same year when Goldman Sachs dropped its plan of launching a cryptocurrency trading desk. According to a Business Insider report, the bank downgraded the plans due to the uncertainty around the regulatory landscape for cryptocurrencies.
It was that big news which became an integral part of bitcoin’s historic fall. In less than a year, there is another huge update that is apparently influencing the crypto world in a significant way.
Facebook has released the white paper for its cryptocurrency project, Libra, on June 18. The $1-billion project now has market leaders like Uber, Visa, Mastercard and Paypal as its partners. This immediately brings cryptocurrency to the mainstream. As a result, Bitcoin is reaching new highs after a really long time.
Some of the crypto bulls expect Bitcoin to reach $40,000 or even $50,000 within the next one year. Some believe that Bitcoin is going to be so expensive that the majority of the people will deal in Satoshis (Bitcoin decimals) instead of buying or selling the virtual currency in whole units.
Bitcoin has started recovering itself since January 2019. On May 15, it crossed $8,000. But, since the release of the Libra white paper, it is soaring high.
Crypto enthusiasts will have to wait and see if bitcoin goes past its all-time high of $20,089 that it touched on Dec 17, 2017.
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