Bitcoin is Projected to Rise in Value
Cryptocurrencies have been volatile since their market value peaked at around US$3 trillion in November of last year. Cryptocurrency volatility has a reputation for being “notorious,” which is one of the factors why many institutions and individual investors avoid it.
Bitcoin, as the cryptocurrency with the greatest market capitalization, is a good example of significant volatility. Bitcoin’s trading price dipped below the standard value of the previous 200 trading days on Monday, after drifting into 2022. After a 3.3 percent drop on Monday, Bitcoin rallied on Tuesday, falling 0.65 percent to $46,616.54 per coin as of press time.
Cryptocurrency volatility, on the other hand, may diminish in 2022. “The most interesting outcome of cryptocurrency performance this year is the decrease in volatility, whether it is increasing or dropping,” stated an expert from the American financial firm Bespoke Investment Group. Professional traders may be disappointed with lower price volatility, but cryptocurrency’s investor base will grow.
Bitcoin’s price has been fluctuating between $45,000 and $51,000 during the last month. Bitcoin’s recent underperformance has caused its percentage of the overall cryptocurrency market to plummet to 39.5 percent, the lowest level in the last three years, according to statistics from Arcane Research.
Bitcoin’s recent dip, on the other hand, may be about to reverse, and its value may be on the increase once more. Bitcoin’s historical volatility has dropped to its lowest point since September the year before, and its price has shown signs of weariness in the short term. A “9-13-9” pattern has developed above the support line of $43,295 to $44,500, according to the so-called Demark sequence indicator; this support level was Bitcoin in June-November last year. As a result of the rally, we were formed.
According to Katie Stockton, the founder, and senior partner of Fairlead Strategies, a research business focused on technical analysis, Bitcoin’s current value could be at $44,156, but Bitcoin’s closing above $46,334 on Tuesday confirmed a highly watched one. Signal to go against the flow. She believes that if this occurs, Bitcoin will undergo an oversold bounce and will once again target the $55,644 price level.
9 countries have outright restrictions on cryptocurrency
Remarkably, China is not the only country that has outright prohibited the use of cryptocurrencies, as the other eight jurisdictions have also done so. Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, and Bangladesh are the countries involved. The number of jurisdictions that have outright restrictions on cryptocurrencies has increased from eight in 2018 to nine now, according to research released by the Library of Congress (LOC).
Furthermore, 42 other jurisdictions have introduced implicit prohibitions, up from 15 in 2018. Market participants are prohibited from “trading cryptocurrencies or offering services to individuals/businesses trading cryptocurrencies” in certain jurisdictions.
The Senate’s research library, LOC, published its first paper on cryptocurrency legislation in 2018. According to the most recent data, the number of jurisdictions that have imposed specific bans on cryptocurrency circulation and trading has doubled in the last three years.
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