Bitcoin’s price is on track to set a new record in a few days. Assuming the cryptocurrency doesn’t manage to experience an unparalleled recovery by February 2nd, Bitcoin’s current downtrend would be the longest since the one between December 2013 and January 2015.
At the same time, however, it’s also important to outline that there is a lot of difference between Bitcoin’s condition now and what it was nearly four years ago.
It’s Not the Same
For once, Bitcoin is seeing an unprecedented increase in terms of widespread awareness. Just today, two companies – Robinhood and LibertyX, received an official statutory green light from the regulators in New York State to proceed with their cryptocurrency dealings. One of them allows users to trade cryptocurrencies fee-free, while the other allows them to buy Bitcoin at conventional ATMs.
Additionally, we are seeing a substantial amount of institutional interest in the field. This week, My Bitcoin News reported that NASDAQ and Citigroup – landmark financial players, have taken part in a $20 million funding round in a blockchain-oriented company Symbiont.
Additionally, the launch of Bakkt – the platform which will offer physically settled Bitcoin futures contracts, owned by the operator of the New York Stock Exchange – ICE (Intercontinental Exchange), recently released key vacancy positions, signaling that the launch is coming closer.
In a push to further widespread adoption, Coinstar kiosks are now allowing people to buy Bitcoin at thousands of Grocery stores throughout the entire US and abroad.
Additionally, the off-chain scaling solution for Bitcoin’s network – the Lightning Network, is also setting new records. It currently boasts over 5,600 nodes, almost 22,000 channels and has a network capacity of 568.40 BTC.
Moreover, 2020 will see the 3rd Bitcoin Halving event, which will slash miner’s block reward in half. According to a cryptocurrency trader, this will trigger a Bitcoin price rally in May 2019.
Also, if history is any indicator, Bitcoin (BTC) has managed to recover after every major dip, each time reaching newer heights.
What do you think of Bitcoin’s current condition? Let us know down below!
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