The performance of Bitcoin in the past week remained directionless since the prices kept going up and down consistently, However, it managed to get a lock value last week at US$ 10,400. However, too many, the value is considerably low as compared to what it had reached recently, which was around US$13,000.
This week also started low for Bitcoin, as the prices have further fallen by 5%. However, the owners of Bitcoin are certain that the prices will go up soon, but due to prevailing circumstances, many believe that the price will get further deteriorated because of the news regarding crypto hedge funds and mining regulations.
The reason behind the future decline is expected to be relatable to the substantial reduction in the addresses of Bitcoin, which have been low for the fourth month. A ray of hope for Bitcoin investors is people like Tyler Winklevoss. He has very recently bought around 17,000 Bitcoin within three days in the name of his company. He said that he still believes that Bitcoin is still far better than Gold.
There are also people who think that the price movement of Bitcoin is intertwined with the stock trading as it has been seen very often. When the prices of stocks have gone up, the price of Bitcoin has gone up with it and if there is a decline in the prices of stocks, there is a decline recorded in Bitcoin’s price as well.
With all these ups and downs, however, Bitcoin still manages to retain its rank amongst all cryptocurrencies of the world. It is still at number one place and it seems that the crypto-starved people couldn’t get their bellies filled and with each day passing by, the use of cryptocurrencies is expanding.
In Australia, recently a food supply contracts have been executed by the country’s popular agricultural supply chain, Entrust, on the basis of blockchain. On the other hand, in Venezuela, the Government has recently introduced a decree for the purposes of regulating crypto mining within the country. There are still people who find cryptocurrencies as a solution to many problems for the US.