Bitcoin Surge Pushes Weekly Gain to 40%, and It’s Only Wednesday

Bitstamp Bloomberg Bitcoin James Alexander Michie

Bitcoin is a protocol and P2P network that is used as a cryptocurrency, payment system and merchandise. Your native account unit is called bitcoin. These units are the ones that are used to account for and transfer value, so they are classified as a digital currency. Conceived in 2009, the ultimate identity of its creator or creators is unknown, appearing under the pseudonym of Satoshi Nakamoto. It is based on the “blockchain” technology, which is difficult to falsify and resembles a large accounting book, public and distributed, which reflects the history of all transactions.

Bitcoin is characterized by being decentralized, that is, it is not backed by any government or central bank. It uses a work test system to prevent double spending. The transactions do not need intermediaries and the protocol is open source.

Likewise, Bitcoin technology, commonly called blockchain, can facilitate decentralized process management. The processing of micropayments through Lightning or time stamping using OpenTimestamps are relevant applications of Bitcoin to solve problems in various business fields.

Retention that brings the weekly gain to 40%

It is already well known that the character of Bitcoin is highly speculative, deregulated, so it escapes any control outside the Bitcoin system itself, its future being in question. Some economists attribute a zero value to him, with signs of having surpassed the thresholds that would take it to the collapse, although generally, these opinions do not correspond to experts in the technology. However, if the approach of these economists was correct, as it was not backed by any tangible good, government, financial or economic entity, and if the technology could not support it, its owners would be defenseless in the face of falling prices.

Now, the Bitcoin overvoltage brings the weekly gain to 40%, and it should be noted that it is only on Wednesday. Likewise, skeptics say it is not clear how Facebook drives the benefits of Bitcoin. While traders observe the technical levels in search of signs of greater rupture

In this way, it has been said that the furious Bitcoin race is starting to look more and more like it did at the height of crypto-mania two years ago. And is that the virtual currency rose to 18% on Wednesday, exceeding $ 13,000 for the first time since January 2018, and taking its gain from Friday night to almost 40%. Digital assets have risen more than 200% since December, which has led many investors to ignore the 74% drop last year that followed the parabolic increase of 1,400% in 2017.

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Source: Joanna Ossinger | Bloomberg

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