Bitcoin hit an All-Time-High


Bitcoin finally broke the $64,000 BTCUSD resistance to reach a new high.

Bitcoin hit an All-Time-High

Bitcoin continued to rally after breaking $64,000 resistance and hit an All-Time-High at above USD 66,000. According to the data from TradingView, BTCUSD was trading above $66,900 at 10:00 PM IST on 20th Oct. Bitcoin and crypto investors have been patiently waiting for this moment since it hit an All-Time-High on 14th April 2021. It was only then when BTC/USD was traded above $64,000 for the first time and has never failed to make support since then. Since mid-April, the bitcoin community has been struggling with lots of FUDs following so many crackdowns on regulatory issues.

Bitcoin is inevitable and (They) know, they are finding ways to slow down its progress

In the past six months, the bitcoin bulls had been struggling to move because of multiple reasons. Firstly, in mid-April, Elon Musk and Tesla suddenly announced the withdrawal of enabling the purchase of Tesla vehicles by bitcoin, citing the usage of non-renewable energy for bitcoin mining. Cathie Wood’s Ark Invest along with Jack Dorsey’s (Also the CEO of Twitter) of Square hit back with a detailed investigation report on the usage of energy for bitcoin mining and concluded that over 74 per cent of energy comes from renewable sources and also mining factories help to utilize the resources from wastage during the energy peak season.

Secondly, the continued crackdown of bitcoin mining facilities in China by CCP caused the bull to drag longer. It is notable to mention that over 70 per cent of bitcoin mining facilities were present in China in September 2019. With the continued crackdown by the Chinese CCP, there was an exodus of mining facilities from Asia to Western Europe and North America.

Thirdly, the U.S infrastructure bill which said that the bitcoin and crypto investors were to pay taxes, kept the market staggering for a while until later summer.

Lastly, there is always greed when it comes to money. Billionaires from Elon Musk to influencers and internet celebrities continue to advocate for altcoins especially the meme coins like Doge and Shiba Inu which greatly influence and impact the market to a great extent.

Nevertheless, just like in the past, bitcoin continues to rise and rise. The king of cryptocurrency is inevitable. It is potentially one of the greatest inventions of our modern world.

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Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).


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