Expert estimates of the exchange rate of the most widely used cryptocurrency Bitcoin (BTC) against the US dollar (USD), which still plays the role of the world’s reserve currency in the standard financial world, indicate the potential for growth in the exchange value of BTC against the USD. For this statement, these financial strategists and analysts of brokerage firms have a common explanation that the current movement of the prices of cryptocurrencies and especially BTC is related to two fundamental factors, and that is, on the one hand, the signal of the central bank FED to further increase interest rates, and the second is the recent giant purchase of BTC business the Robinhood platform in the volume of USD 3 billion,
The price of BTC at the end of last week and at the very beginning of this week, which is listed as the 35th in the calendar of this year 2023, fell below the threshold of 26,000 UISD per \BTC, and this mutual exchange rate as the closing price moved on Monday, August 28, 2023 in the amount of USD 25,977.85 per BTC. Currently, during the European Tuesday morning on 29/08/2023, around 7:30 CET, the exchange value of this BTC/USD currency pair on the Coinbase virtual currency market was USD 26,049.50 per BTC, with a BTC increase of +0.28 so far % exchange rate against USD. According to analysts of the virtual currency market, the recent connection between a Bitcoin address and the popular trading platform Robinhood has generated considerable interest and may thus increase the current price of BTC at the same time. The merger has the potential to reshape cryptocurrency by giving retail investors more leverage while introducing some rules on market vulnerability. The sudden rise of the previously mysterious Robinhood address to become the third largest holder of BTC raises questions, although Robinhood itself has not yet confirmed or denied the connection. Based on these facts, cryptocurrency market analysts expect a daily BTC growth of at least one percent of its exchange rate against the USD.
Bitcoin (BTC) is an Internet open-source P2P payment network and also the cryptocurrency used in this network. The main uniqueness of Bitcoin is its full decentralization; it is designed so that no one, not the author or other individuals, groups or governments, can influence the currency, counterfeit it, seize accounts, control money flows or cause inflation. There is no central point in the network, and no one who can make decisions about the network. The final amount of Bitcoins is known in advance and the release of Bitcoins into circulation is defined in the source code of the network. Payments take place on the network at minimal or no cost. The network has been operating since 2009, where it was described and created by a group of people signed as Satoshi Nakamoto. Bitcoin (BTC) is the only asset that is successfully offsetting the global press side of the world’s central banks, according to analysts at brokerage firms involved in the virtual currency trade.
Thanks to a special database that stores an ever-increasing number of records, this technology is called blockchain, which serves as Bitcoin’s ledger. The online database is protected both against unauthorized intervention from the outside and from the users themselves. The final amount of Bitcoins is known in advance and their release into circulation is defined in its source code. A unique feature of Bitcoin is its complete decentralization. It is designed so that no one, not its author or other individuals, groups or governments, can influence, counterfeit, seize accounts, control money flows or cause inflation this currency. Bitcoin is completely independent of traditional currencies, it is not backed by gold or other commodities, but like other common currencies, its value depends on the trust that it will be possible to pay with it in the future as it is today. The value of Bitcoin is based purely on supply and demand on the market, in short-term periods the exchange rate is characterized by sharp fluctuations.
