Bitcoin momentarily broke the $40,000 barrier for the first time since September as global markets slip amid a resurgence in the US Dollar.
The Dollar index (DXY) rose by 0.42% on Monday having enjoyed a 7.5% move to the upside since May 20.
This puts immediate pressure against all assets that trade against the Dollar, including Bitcoin.
Failure to do so could well see Bitcoin fall through its delicate floor, with price targets emerging as low as $29,500.
It’s worth noting that the fear and greed index is currently at 23, indicating ‘extreme fear’. This indicates that the market may be due a short-term relief rally as opporunistic traders attempt to ‘buy the fear’.
Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.