Last week Crypto Currency Market (crypto market) has been full of ups and downs. If we talk about the world’s most popular cryptocurrency bitcoin (Bitcoin), its price fell from $36000 to $29,000 last week. Bitcoin later covered the losses to a great extent and reached its strong support range of $31000-$32000. Now the price of bitcoin will have an effect on the activities going on in the crypto currency market for the next few weeks.
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Weakness in all crypto
Talking about the cryptocurrency market last week, weakness has been seen in almost all cryptocurrencies. Bitcoin is not the only crypto currency whose value has weakened. In the midst of the ongoing volatility in the price of the cryptocurrency, it is now expected that traders will want to avoid leveraging the position.
Fear of action in China
The Chinese government is planning to take action on bitcoin mining. The country’s top institutions are not supporting anything in the matter of cryptocurrency. Strategists at JP Morgan say that all upcoming signs for Bitcoin look weak. On Friday, about $ 6 billion of options expired, due to which the market recorded a weakness of about 8% in the price of bitcoin in one night.
Price may rise
Since January this year, Bitcoin has been forming a wake-off pattern. Accordingly, it is now being expected that the price of bitcoin can register an increase. After crossing the barrier of $42000, the price of bitcoin can register a good rally. If this happens then other players in the cryptocurrency market are also expected to benefit.
Bitcoin legal tender made in two countries
If we talk about good news in terms of bitcoin, now Paraguay has also started preparing to declare bitcoin as legal tender by making a law. Last Friday, Salvador announced that it was going to give $30 worth of bitcoin to every adult in the country. On September 7 last year, Bitcoin has been declared a legal tender in Salvador. Many developments are taking place in this country in the field of cryptocurrency. These include about 1500 bitcoin ATM machines, geothermal BTC mining and foreign investment in the country.
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