The importance of cryptocurrencies is increasing as more and more people around the world are willing to invest in the cryptocurrencies. One of the most expensive and well-known crypto money is Bitcoin. The news surrounding this currency is spreading fast as Bitcoin is attracting attention for several years. Bitcoin’s price increased on Wednesday and reached more than 11,000. It means that the price of the Bitcoin grew by $2.000, which is a good result. Right now, the price of Bitcoin (BTC) is $11,806. This Bitcoin rally is essential for several reasons. There is a chance that price will continue to rise and will reach more than $13.000 for a Bitcoin. At the moment, Bitcoin is fighting to defend the $10.000 per Bitcoin, which is an important level for further development.
The digital asset research firm Delphi Digital published a report which illustrates the current state of affairs. According to this report, June was the fifth straight months of positive returns. It is the longest streak in nearly two years. Another interesting finding from this report is that people are interested in this crypto money. Delphi Digital is using the established metric to track the number of people who are using Google search to find more information about the cryptocurrency.
One of the driving factors might become the U.S. Independence Day as during the holidays’ interest in the Cryptocurrencies is higher than on typical days. There is a link between the holidays and cryptocurrency. It turns out that during Thanksgiving holidays back in 2017, a similar event took place when a lot of people got interested in this crypto money. According to the SFOX research team, that holiday was the beginning of the time, when Bitcoin price increased from $1,000 to $20,000 in less than 12 months. Another example of how holidays and interest in Bitcoin is related is the case of Chinese Lunar New Year in 2019. During this period the number of people who searched for Bitcoin suppressed the result of other days.
The legal basis of owing the Crypto money
The important question about the Bitcoin and any cryptocurrency is how safe it is to buy and own the Bitcoin. During the Bitcoin conference in San Francisco, which took place last week, Bill Barhydt, who is an Abra CEO, discussed this topic. He believes that it is impossible for governments to ban the cryptocurrency. In the case of the U.S., there is a Supreme Court’s decision which dates back to 1990s. The court ruled that it is illegal to prevent people from using the cryptocurrency. Apart from legal issues, there is a technical side as it is a decentralized system which is hard to shut down.
The cryptocurrencies are becoming more popular, and during the holidays’ people are willing to spend more time exploring the pros and cons of the system. There are more than 1600 cryptocurrencies, but Bitcoin is the most expensive. Right now, the price of Bitcoin is rising, and since the start of the year, the price increased by 230%. There is no guarantee that it will come close to price when it suppressed the $20,000 per Bitcoin, but Bitcoin can become more expensive in the upcoming days.