Bitcoin is the oldest cryptocurrency on the market. Last week Bitcoin’s price increased by more than 11%. It is worth mentioning that it was the biggest weekly gain since October.
As a reminder, the price of Bitcoin jumped 16% in the third week of October. Moreover, for the last several months, Bitcoin managed to strengthen its position only in three weeks.
During the break six months that ended on December 31, the cryptocurrency number one only reached double-digit weekly gains just two times.
Furthermore, in the second half of 2019, the price fell from more than $13,000 to $6,425.
It is important to mention that Bitcoin’s price declined in 15 out of 27 weeks. In two cases, the price was roughly flat.
Hopefully, in the days to January 12, that downward trajectory ended as the price increased 11.2%.
Bitcoin may repeat history when the price reached $13,800 which was the best result in 2019. Interestingly, Bitcoin used to reach the highest point in the calendar year of halving ahead of the event. In the past, Bitcoin hit a new market cycle top during this period. The market cycle top is defined as reaching the highest point from the previous bear market low.
Bitcoin’s next halving is expected to take place in May.
Bitcoin and Brazil
It no secret that, in many countries, it is not easy to operate companies connected with the crypto market. As a result, people who would like to sell or to buy Bitcoin, as well as other currencies have to deal with several problems.
Cryptocurrency businesses in Brazil will lose access to all of the forms of banking services. The country’s biggest banks started to close their accounts.
The relationship between the banks and crypto companies is far from ideal. The Brazilian Association of Cryptocurrencies and Blockchain even filed a lawsuit against the six banks.
However, Brazil’s Administrative Council of Economic Defense (CADE) sided with the banks. According to CADE, banks did not violate the antitrust laws by closing the accounts.