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The atmosphere in the cryptocurrency market, such as Bitcoin, is not severe. After a series of crashes, on December 4th, the $42,000 level collapsed, showing the worst decline ever.
Although the Bitcoin high price reached in 2017 reached a new record in 2021, there are also rumors that the crash that followed immediately in 2017 will be repeated.
Investing in Bitcoin in 2017 was no different from speculation. Rather than blockchain technology, the ICO (Initial Coin Offering) craze allowed anyone to invest, and the low barrier to entry created a huge number of coins. The cryptocurrency market, including Bitcoin, seemed only to continue to rise, but in the end, it started with a sharp decline in early 2018, followed by a period of decline, considered the darkest period of cryptocurrency to many investors.
Starting with the Bitcoin halving in May 2020, 2021 was when a lot of cash, a result of quantitative easing caused by COVID-19, flowed into the cryptocurrency market. After reaching the new high in 2021, it fell about 55%, and after reaching the second high, it is now continuing the downward trend. It looks like we're on a very similar cycle to 2017, but maybe it is something we need not have to worry about too much. This is because a very high price rise is expected after the decline.
In 2017, Bitcoin was dominated by individual investors. Institutional investors did not invest publicly as they do today. However, institutional investors are currently expanding their portfolios in cryptocurrencies. The recent Nasdaq listing of Coinbase, a blockchain company, made people expect to boost the cryptocurrency economy. Interest is focused on whether the other countries will follow the lead of El Salvador. Additionally, on October 15, 2021, the first US Bitcoin Futures ETF was approved. Although no spot ETFs have been approved yet, the approval of futures-based ETFs is enough to spark expectations for a spot-based ETF launch soon.
Of course, to unconditionally paint the cryptocurrency market's future in a rosy color, an infrastructure bill that requires all cryptocurrency exchanges to notify the US Internal Revenue Service (IRS) of their transactions and stablecoins linked to the US dollar must be overseen by the federal government. It's true that Treasury Secretary Janet Yellen's assertion that she does.
Nevertheless, the shocking national debt caused by the prolonged COVID-19 is shaking the traditional economy, and there are continuing concerns that inflation will get out of control. It could be very positive news for cryptocurrency traders that cryptocurrency is being discussed to solve this current problem.
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