What happened to the crypto market in recent days?
In early June 2021, the leading cryptocurrency rose 20%, despite a mining ban in two Chinese provinces and criticism of digital assets from US Senator Elizabeth Warren. Blockchain experts from BitMarket Network explained what is happening with the crypto market and why it is growing.
Bitcoin quotes have been steadily rising in recent days. The coin has already increased its price by around $ 7,000 (20%) and its market cap has once again exceeded $ 700 billion. Experts explained what drove bitcoin’s rate up and what factors can hold back its growth.
Why is the price of Bitcoins increasing?
Positive news from El Salvador and the Basel Bitcoin Committee’s recommendations for banks, which indicates recognition of cryptocurrencies globally, has helped the digital coin ‘get back into the game’. Bitcoin’s main task in recent days has been not to fall below the $ 32-34,000 support range and it has done well. In the near future, the main cryptocurrency may exceed $ 40,000, and its price will gradually return.
On June 9, the crypto market responded by growing to the decision of the Parliament of El Salvador to recognize bitcoin as legal tender on a par with the US dollar. Acceptance of digital coins for payment will become mandatory in the country. In addition, the Salvadoran authorities are planning to create an official crypto wallet, where bitcoins in the amount of $ 150 million will be stored.
On June 10, the President of El Salvador, Nayyib Bukele, tasked the public energy company LaGeo to start mining bitcoin using “cheap, 100% clean and renewable energy from volcanoes.” LaGeo operates two geothermal power plants.
At the same time, the Basel Committee on Banking Supervision warned banks that they must have sufficient reserves to cover possible losses from bitcoin investments.
Thus, there are positive trends on the global stage for the development of blockchain and cryptocurrency.
Despite this, the forex market remains very volatile. At present, the policies of China and the United States play a very important role in the evolution of cryptocurrency rates. You have to be prepared for anything. At any point, if new negative statements emerge, as US Senator Elizabeth Warren once said, bitcoin can fall below $ 30,000. The fall in assets depends on the extent of government measures in different countries. It is recommended to buy bitcoin during this crash, as the rate for the coin will rise in the long run and could break this year’s records.
A reliable way to store, trade and purchase digital coins
In this regard, it pays to protect your digital savings and acquire a reliable crypto wallet. Recently, a new alpha project from BitMarket Network Client has gained popularity. It is a multi-currency wallet supported on different devices. Its particularity is a strong protection against pirating and a simple and practical interface at the same time.
A high degree of security is provided by:
- two-factor authentication (2FA) – even with a password from your wallet, no one has access to funds without your phone. SMS notification with a request for confirmation if someone tries to enter a wallet, protect your money reliably.
- Open source – any person and third party developer can verify the functioning of the wallet system.
- limited developer access to users’ personal data – they will not know your personal information and passwords from storage.
The BitMarket network client is convenient for users due to:
- no need to register – your wallet can be created in minutes, you just need to create your password.
- simple, clear and user-friendly interface – a modern and pleasant design will not leave anyone indifferent.
- multi-currency – it will be possible to store not only Bitcoin in the wallet but also Ethereum, Litecoin and other currencies.
- the ability to access through various devices including Mac OS X, Win, Linux (iOS and Android coming soon).
In such a rapidly changing world, it is important to make decisions quickly. Bitcoin Wallet is a good tool for real professionals in the crypto industry.
Interesting related article: “What is Bitcoin?” The history of Bitcoin and how it works “