Multiple news stacked up, and bitcoin plunged more than 30% at one point. Such huge fluctuations are not unusual for bitcoin. But it is six times the median volatility of Euro/USD over the past six years. The average price of bitcoin reached $60,000 last week. And after the listing of the first Bitcoin ETF (BITO) in the United States two weeks ago, Bitcoin continued to rise and oscillated around $60,000. BITO’s share price reached $40.06, with a market price of $1.21 billion; the United States has also released three bitcoin ETFs. The second bitcoin ETF is The Valkyrie Bitcoin Strategy Fund (XBTF) which began trading on the 25th of December of last year. And on the first day of the opening, XBTF was $24.64 per share, with a market value of $38 million. You can check more with sign-up here to this website.
Christmas factor: Contributing to ramming price of bitcoin
Christmas is approaching, are you ready to buy any gifts for friends and family? In the United States, Bitcoin became the most popular Christmas gift. And this tradition was attributed to exchange in 2017. That cryptocurrency exchange focused on the U.S. market. They advertised heavily from Thanksgiving to Christmas 2017 to encourage people to buy bitcoin as a gift, when the price of bitcoin was only about $8,000 to $10,000. Soon, Bitcoin ATMs were all over the United States, focusing on Bitcoin gifts. Along with various factors, Bitcoin also rose from $1,000 to a peak of $20,000 between 2017 and 2018.
At the end of each year and the beginning of the year, it is common to rise and fall sharply
Since 2018, at the end of each year, there have been various events such as Black Friday Shopping Festival, Thanksgiving, Christmas, and New Year’s Day. This year, Walmart, the world’s largest vendor, is also hyping up bitcoin issues in the United States, planning to provide bitcoin exchange services in 200 stores across the United States.
Additional cause:
In addition to the above international news, the reasons for the price explosion from the beginning of October to November (in the last year) include truly shocking facts. But let’s look at the performance of the Bitcoin’s gains in previous years:
Bitcoin first rose 43%, but then fell more than 28% this week
On Saturday 4 alone, nearly 10 trillion NTD bitcoins were sold, and an estimated 400,000 people around the planet were forced to blow up. It rose about 400% in the fourth quarter of 2017. And fell about 60% in the first quarter of 2018. Plunged about 50% in the fourth quarter of 2018, and surged about 30% in the first quarter of 2019. Plunged about 25% in the fourth quarter of 2019 and about 20% in the first quarter of 2020. It surged about 200% in the fourth quarter of 2020, and about 200% in the first quarter of 2021. The fourth and first quarters are often the moments of main holidays, futures commodity delivery days, and policy release days, so it is common for Bitcoin to rise and fall significantly at the end of the year and the beginning of the year.
Giant events affecting the price
Some bizarre events like the “Giant Whale Wallet Move” contributed to ramming the price. Based on bitcoin being built on blockchain technology, all bitcoin transfer processes are open, transparent, and anonymous. The most noticed are those, who have huge accounts, and their every move is followed. These accounts or wallets are also known as giant whales; According to the cryptocurrency observation platform Gassnoes, they define a wallet holding between 1,000 and 5,000 bitcoins as a “Whale”, but for most people, holding more than 500 bitcoins can be called a giant whale of the coin circle, so whenever there are more than 500 bitcoins, or important wallets to transfer.
Conclusion
No one could predict the price rate of bitcoin (BTC) correctly. However, with accumulating a variety of statistics approximately on bitcoin and doing extremely arithmetic analysis, it’s far more viable to expect an exceptionally sustainable future. Information on bitcoin is overwhelmingly simpler to obtain. Also, the statistics are continuously updated. Therefore, let’s position your antenna on bitcoins-era.io and digital forex to accumulate statistics.