On Wednesday the 17th of March 2021 Bitcoin continued its downward spiral from a rally that saw it go past an All Time High (ATH) of 61,000 US Dollars just last weekend.
On Saturday the 13th of March 2021, Bitcoin hit its current All Time High (ATH) of 61,781.83 US Dollars after the President of the United States; Joe Biden ordered that the nationwide vaccinations be accelerated and also signed off on the 1.9 trillion US Dollar Fiscal Stimuli
As at the time of compiling this article Bitcoin’s price per coin stood at $54,800.69, a not so subtle reminder of the cryptocurrency’s volatility.
A number of observers believe that the increase in value of Bitcoin has been aided by the anticipation of a vertical economic recovery as some investors are looking at the cryptocurrency as a sort of protection against inflation.
Bitcoin has however in recent times, been faced with some pushback in India. India has proposed a bill which will essentially make it a criminal offense to issue, trade, transfer, or hold cryptocurrency assets.
The proposed bill is in line with the country’s widely known mission of not being involved with private virtual currencies. India is also figuring how to put together a framework for its very own official digital coin.
Despite its recent drop, the digital currency that is Bitcoin has still increased overall in value by 1000 percent over the past year in a growth rate that has out performed usual favorites like Golds and Stocks.
Bitcoin continues to enjoy major support from top investors including Wall Street’s very own JPMorgan. Over the past year JPMorgan has stepped up its services with regards to cryptocurrencies. The global leader in financial services continues to look at cryptocurrency clearinghouse options, and of course Bitcoin.
JPMorgan is looking to become the bridge between Over The Counter (OTC) trading desks and traders, so as to guarantee the implementation of trades while also creating liquidity in the market.
Clearinghouses are designed to stand in between trades to guarantee payments in the case that either party does not fulfil its part. It also ensures that trading desks can handle orders.
An executive at JPMorgan said, “Cryptocurrency brokers and exchanges need to avoid the kind of liquidity problems that trading app Robinhood ran into.”
Goldman Sachs also revealed earlier in March of 2021, that it would be relaunching its Bitcoin and Cryptocurrency trading desk. This decision is coming after a 3 year break. And revives its suooort for Bitcoin Futures trading.
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