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30 Jun 2022

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Factors that Affect Bitcoin Price

The bitcoin price has grown exponentially over a decade, rising from less than $1 in 2011. It was first made available to the public in 2009. The price of bitcoin is primarily affected by its relative scarcity, market demand, supply, the marginal cost of production, and competing cryptocurrencies.

And also, if you want to know more about the progress of Bitcoin, it is essential to read financial websites. You can follow the latest financial news on Fastball to get more Bitcoin updates. contact@newcomputerworld.com

Also Read: What is the Celsius Scale? – Definition, Modern Celsius

Covid Crisis

The COVID-19 crisis sent commodity prices to some of their lowest levels in early 2020. US oil futures traded negative in April 2020. However, as economies recovered, energy prices rose at a rapid pace. Geopolitical tensions in Europe have also pushed up natural gas prices.

The global recovery and cold weather are boosting demand as oil-importing countries need to replenish their inventories. Strong demand, disrupted supply, and low stocks pushed oil prices to their highest in seven years. Brent Crude Futures rose from $3 to $108.00 a barrel, while Saudi Aramco went propane and butane prices to their highest level since 2014.

Economic Growth

The upside of this development is that Saudi Arabia forecasts economic growth of over 7% in 2022. This year, the oil-rich kingdom’s banking sector, which emerged relatively unscathed from a difficult 2021, could also benefit from higher interest rates. Analysts expect economic growth to weigh on the banking system, supporting net income as consumption levels recover to pre-COVID times. Also, the US Federal Reserve rate hike, expected in March, will weigh on the yield theme.

High Mark

Although only a digital currency, Bitcoin is highly valued, with a total market capitalization of $1.11 trillion as of November 2021. The concept of virtual currency is still new, but Bitcoin is becoming every day less experimental with its growing popularity.

Speculative investors buy Bitcoin for its intrinsic value rather than its ability to act as a medium of exchange. However, the lack of a guaranteed deal and its digital nature mean that its purchase and use carry several inherent risks, primarily since it is not issued or regulated by government monetary policies.

Also several factors explain why Bitcoin has such a volatile price history. Understanding its market price can help you decide whether to invest in it, trade it, or continue to monitor its progress.

Supply and Demand

Like any commodity, the price of Bitcoin is influenced by supply and demand more than any other factor. Its market values it’s mainly determined by the number of coins in circulation and the amount people are willing to pay. The cryptocurrency is limited to 21 million coins. Therefore, the price of Bitcoin is likely to fluctuate in response to the actions of prominent financial players vying for ownership of Bitcon’s declining supply.

Investor Actions

Speculation on price movements plays a vital role in the value of Bitcoin assets at any given time. The demand for Bitcoin has increased as the supply is increasingly limited. These investors are also behind Bitcoin’s volatility. It is also driven partly by various beliefs about its usefulness as a store of value and a method of transferring value. You can use it as an inflation hedge and an alternative to traditional assets like gold or other metals.

Also Read: Server Guide for Dummies

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