Despite bitcoin’s price on its way to its biggest weekly decline since September on Friday, it rose. Bitcoin appreciated after plummeting overnight, reaching $ 32,500 on Friday morning. This Monday alone, bitcoin’s price has dropped by around 9% and has risen sharply!
Bitcoin fell after Janet Yellen, elected by Joe Biden as Treasury secretary, suggested that the use of cryptocurrencies should be restricted as they were mainly used for illegal financing. We also had a problem with “double spending”.
Cryptocurrency advocates say cryptocurrencies are fast becoming safe assets that can protect investors’ wallets from the inflation and currency devaluation risks generated by the extraordinary fiscal and monetary incentives unleashed during the coronavirus pandemic.
The number of institutional investors showing interest in Bitcoin is also growing rapidly. BlackRock announced the currency demand.
On the other hand, market interest has increased sharply in recent months. Some analysts say last fall may be an opportunity. It will certainly be an interesting watch for the coming weeks.