Bitcoin is continuing its present bullish behavior and has since added another $400 to its price.
Bitcoin Is Still Heading for the Top
Political unrest appears to contribute heavily to bitcoin’s status. The currency ultimately started out the year on rather unclear ground, with the currency standing beyond $7,000. From there, however, a drop into the $6,000 range occurred, but another surge was right around the corner following the U.S. drone strike against Iran that took out one of the nuclear state’s leading generals.
From there, bitcoin headed north and hit $7,300, and it’s been jumping ever since by anywhere between $100 and a few hundred dollars each day. At the time of writing, the currency is just about to strike the $8,000 mark for the first time in nearly two months.
Things like this have occurred in the past. In 2016, the U.S. presidential election was at hand, and following the announcement that businessman and former reality television host Donald Trump was ascending to the White House, bitcoin rose to about $1,000 for the first time since the year 2013. While this is widely attributed to 2016 being an “election year,” perhaps this isn’t quite accurate.
Maybe it was the widespread concern about Trump’s economic policies that somehow caused bitcoin to surge. From there, Trump’s economic agenda proved to be rather solid, which may have prompted bitcoin’s incessant “calming down” period which occurred in 2018. Following an entire year of unnaturally high gains, the currency descended southward into the red, reaching $3,500 by the time Thanksgiving rolled in and losing more than 70 percent of its overall value.
2019 provided a different outlook. When Trump began speaking seriously about invoking tariffs on Chinese goods, the currency began spiking all over again. When these tariffs became a reality during the summer of last year, the currency peaked at roughly $13,600 and stayed in the green while several stocks fell to considerably lower numbers.
As society began getting used to the tariffs, the currency entered another calming phase and ended the year at a measly $7,000.
People Are Still Concerned
At this stage, there’s no reason to believe that bitcoin will suddenly cease its bullish behavior and cross into bear territory. Tensions between the U.S. and Iran are still relatively high, with the latter country’s Ayatollah Khamenei now calling for a “direct Iranian attack” on “American interests.” With people still relatively unsure of what’s going on, the price of bitcoin is subject to greater changes.
Recently, it was reported that while Iranians saw bitcoin as a potential answer to their financial prayers, many media outlets were misreporting this information and blowing it out of proportion, claiming that exchanges within the Middle Eastern country were listing one unit of bitcoin at a whopping $24,000. These reports later turned out to be false.
