Bitcoin Market Analysis


Uncertain times

So far, 2023 has been positive for Bitcoin, at least generally. The cryptocurrency recently broke new barriers to reach $65,000. Since then, however, we’ve witnessed a 3-month prolonged slump. Analysts are now worried the price of Bitcoin could fall as low as $32,000. You might scare holders hoping the meteoric rise would continue, but it’s an excellent time for new investors waiting for the right time to invest.Despite the slump, Bitcoin is on an upbeat track in the long run and has been trending upward for a while now, and it doesn’t look like it’s about to slow down any time soon, year after year.

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CEO of Pantera Capital, Dan Morehead, predicts that Bitcoin could reach $200,000 in just one year.

The Biggest Fish in the Pond

Despite its upward trend, steep dips in Bitcoin’s market value can devastate the larger cryptocurrency market. Earlier in May this year, Bitcoin fell by 6.46, causing the total market valuation of cryptocurrency to fall by over $100 Billion. This dip may not be the warning sign of a massive sell-off on the horizon, but it’s still a significant indicator of how nervous the market is right now. In the back of their minds, every Bitcoin holder fears the worst.

It’s necessary to acknowledge the elephant in the room; even with the steep slumps that Bitcoin has already seen this year, most individuals can’t hope to make significant gains from the cryptocurrency. Only the most giant sharks can survive in the waters of Bitcoin, with companies like Tesla and Microsoft already having made back their investments into the coin. Where does that leave the little guy? Cryptocurrency firm NYDIG believes they have the answer.

NYDIG is working with Fidelity National Information Services (FIS) to enable banks to provide bitcoin trading options to their customers. They hope this makes trading bitcoin easier and more accessible to a broader audience.   

CorpNet. Start A New Business Now“Bitcoin is an example of a cryptocurrency that doesn’t serve the role of money at all. It’s a very speculative investment class. In terms of substituting for what money is, I don’t think it comes close.” – Gita Gopinath, economic counselor, International Monetary Fund.

Rising Demand for Cryptocurrency

2023 saw increased usage in apps such as Coinbase, Exodus, Jaxx, etc. NYDIG has seen this marketing emerging around the trading of Bitcoin and other cryptocurrencies and aims to meet the rising demand individuals must participate in trading.

The resurgence of Bitcoin since its slump in 2018 has also caught the eye of retailers and other businesses. According to a survey by HSB, 36% of small-medium companies they surveyed accept Bitcoin as payment. These are fast-food chains such as KFC, Burger King, Subway, and Pizza Hut, and even online services provided by AT&T, Microsoft Twitch, and Wikipedia.

Many countries have been skeptical of cryptocurrency thus far, some even outright banning trading within their economies. As Bitcoin proves itself as a market mainstay that can trade reliably, we will likely see more markets embracing the virtual currency shortly.Complete Controller. America’s Bookkeeping Experts

“What’s going to happen to Bitcoin? It’s unclear. The money-supply rule does not just drive the price; other speculative forces drive it. That’s why it’s multiple times more volatile than the stock market,” said Cam Harvey, senior adviser and research affiliate.

Traders have been asking for a Bitcoin Exchange Traded Fund for a while. Such a service would allow traders to practice and simulate bitcoin market activity without taking the risk of trading in the cryptocurrency. You could help Bitcoin become more stable in the long term, as those who were once novices to crypto trading could now enter the market with some prior wisdom.

The surging popularity of Bitcoin and other cryptocurrencies such as Dogecoin, Ethereum, and Litecoin has propelled the conversation of crypto trading to the forefront of the financial sector. Although some still doubt Bitcoin’s longevity, others remain optimistic about its future growth and potential as a legitimate currency. Only time will tell where Bitcoin will end up in the future.

“Bitcoin has the potential to be a native currency of the internet, and we want to continue to participate and learn in a disciplined way.” Amrita Ahuja, Chief financial officer, square inc.

LastPass – Family or Org Password VaultAbout Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.Cubicle to Cloud virtual business