Bitcoin [BTC] prices are susceptible to a variety of speculations. Whenever something like stolen Bitcoins or exchanges regulation issues take centre-stage, prices undergo major pull backs or price corrections over the time period.
The latest example of the same is the hack on Binance which cost the exchange 7000 BTCs worth around $41 million.
However, according to an analysis conducted by Tone Vays, the incident has hardly affected the price of Bitcoin [BTC].
Tone Vays, a prominent crypto analyst, mentioned that the weekly and monthly charts had been quite bullish in the wake of the event. He pointed out that the candle on May 9, ended with bullish characters.
Moreover, he mentioned that if Bitcoin managed to stay above the resistance of $5800 for the next 2-3 days, the Bitcoin market will witness another leg of price surge over the upcoming period.
Tone Vays additionally informed that Bitcoin [BTC] had not witnessed a major pullback of prices since the coin started rallying from the last time Bitcoin [BTC] crossed $3200, which was around early February 2019.
He suggested that the last two 9 candles had ended on a high and he predicted a continuing trend. However, he implied that since a major pullback did not surface between the resistance of $5100 and $5400, the “probability of a major pullback” was now higher since Bitcoin [BTC] was over $6000.
Predictions aside, Bitcoin [BTC] price valuation is still subjected to major volatility and the correct market trend cannot be confirmed beforehand.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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