After a lot of ups and downs, the price of bitcoin has once again crossed 40 thousand dollars. This is the biggest jump in the last two weeks. The world’s largest cryptocurrency climbed 4.5 percent to $41,020 on Monday. The price of bitcoin has increased by about 9 percent since Friday. Arthur Hogan, a Chief Strategist of National Security, told Bloomberg that reaching a price above 40 thousand is technically positive. Using technical analysis, when some people ask when it will cross $40,000, it means that it has a negative message, but when it crosses $40,000, it is a positive message.
The always volatile currency,
Most analysts believe that the price of bitcoin will cross $ 42500. This means that in the coming 200 days, bitcoin can even cross the 50 thousand dollar mark. Former Merrill Lynch businessman Tom Essaye says that bitcoin has always been a fluctuating currency. There was never stability in it. He said that for bitcoin to be stable, it is necessary that it be given proper legal form. The price of bitcoin has seen tremendous volatility in recent months. At one time the price of bitcoin had reached close to $ 65,000, but in the month of April, its price saw a decline of more than 30 percent.
Elon Musk’s angle in the price
Elon Musk, the owner of Tesla, the world’s largest electric car maker, is a significant contributor to the volatility of bitcoin’s price. In January, when he talked about taking bitcoin for the purchase of a car, then its price reached 65 thousand dollars. After this, in April, Musk withdrew the old offer. It was also said that Musk is withdrawing a large part of the $ 1.5 billion investment in bitcoin. After this the price of bitcoin crashed. Then the Chinese public bank also criticized bitcoin a lot. The price of all these bitcoins had come down to less than 30 thousand dollars.
What is bitcoin?
Bitcoin is a virtual currency. It was started in the year 2009, which has now gradually become so popular that the price of one bitcoin has reached lakhs of rupees. It is also called a cryptocurrency because it uses cryptography for payment. This currency can also be called future currency.