Bitcoin Holders Frustration as Price Down
Bitcoin holders woke up with a severe case of digital cold turkey less than 24 hours after Thanksgiving. The price of the number one digital asset slipped by 2.85% to $55,493 at time of writing.
While this pull-back is nothing compared to recent drawdowns it has left many Bitcoin holders frustrated with the lack of positive price action in recent weeks. Many altcoins have witnessed astronomical gains while Bitcoin has stuck range bound between $56k and $58k for what seems like an eternity.
Yesterday’s push to $59,500 led many to believe that it was Bitcoin’s time to take centre stage once again with $58,000 looking like it offered solid support. However, as in previous years immediately following Thanksgiving, Bitcoin holders woke up this morning to the grim reality of yet more negative price action.
All this being said, the broader stage continues to be set for Bitcoin to bloom. As more and more international governments begin to realise the value of digital currencies and the benefits they bring, legislation for the integration of cryptocurrency into everyday society is beginning to take shape.
Furthermore, with rising inflation across the globe the need for a stable hedge has never been greater. With gold prices stagnating in recent years the lure of a digital alternative makes Bitcoin a very attractive proposition indeed.
Bitcoin eclipses Paypal with sights set on Visa
In yet another cause for crypto celebration the value transferred over the Bitcoin network has exceeded that of Paypal by more than 60%. Recent figures from Blockdata show that the Bitcoin network processed over $489 billion per quarter in 2021 compared with Paypal’s $302 billion. And now many crypto speculators are starting to believe that the next milestones to fall will be those of Mastercard and Visa.
To date, Bitcoin is processing just under 27% of Mastercard’s $1.8 trillion and around 15% of Visa’s mighty £3.2 trillion each quarter. If Bitcoin were to continue along its current trajectory of growth it could outpace the total capital transferred by Mastercard as early as 2026.
Clinton calls for clarity
Former United States Secretary of State Hillary Clinton stepped into the crypto debate this week with calls for stronger regulation in order to prevent market manipulation by Russia, China and ‘others’.
As part of a larger debate on social media manipulation Clinton warned of ‘technology of all kinds’ which has the potential to destabilise countries and the world reserve currency status of the dollar.
Clinton said: ‘There is one thing on the horizon which people are beginning to pay attention to and that is the need to regulate the cryptocurrency market. Imagine the combination of social media amassing even larger sums of money through the control of certain cryptocurrency chains.’
Her comments come as many countries begin to understand the notion of using digital currencies to circumnavigate financial sanctions put in place by the leading nations and SWIFT (the Society for Worldwide Interbank Financial Telecommunication) - the world’s current leading system of transferring capital worldwide.
Author: Mark Harridge
Mark Harridge first came across Bitcoin and began to use its peer-to-peer payment network in mid to late-2011. He quickly understood that this technology would change the world. Mark is passionate about crypto adoption, from a macro economic and institutional perspective, and the numerous factors that fuel the relentless march towards individual self sovereignty and the decentralised society of the future.