One of the reasons why Bitcoin was made after the 2008 crisis is due to the fact that Satoshi Nakamoto wanted a cryptocurrency that isn’t going to be influenced by other countries. The good news is that it is decentralized. It means that it can operate without the need for a central bank. Unfortunately, despite this premise, it has become an asset that is used by different people to get rich quick.
And right now, Bitcoin price might be trading around $3,900 to $4,000 for the same reason. Many believe that the Brexit saga is actually affecting Bitcoin price. If you will look at Bitcoin from its price since mid-December low, it has already come up by 25%. Now, how much price increased does an asset need in order to be considered in a bull market? The price only needs to increase by 20% to be considered a bull market.
Brexit and the Crytpo Industry
Aside from the price of Bitcoin, there is also a chance that Ireland could actually benefit from this move. It is possible that Ireland will become the only native-English speaking country that is part of the European Union. What this means is that it could potentially be a go-to country for many fintech companies that are based in Europe.
In addition to being English-speaking, Ireland is also known for its business-friendly regulations. Given both these scenarios, it is possible that we could be seeing more blockchain-related projects in Ireland in the coming months.
Issues in the Market
Though it can be quite difficult to know exactly what is going to happen next, there are a lot of issues that need to be addressed in the crypto market. For instance, you have regulators that still haven’t come up with rules that govern the industry. And it has stopped a lot of institutions from adopting cryptocurrencies.
The US Securities and Exchange Commission are also hesitant regarding the possibility of having a Bitcoin Exchange Traded Fund mainly due to the lack of surveillance tools in the industry. The agency believes that there is a chance of price manipulation.
However, there are developments that could mean that slowly, the crypto market is being accepted by institutions. For instance, you have the JP Morgan Coin. Though it is a stablecoin and is only used internally, it remains true that it makes use of blockchain technology. And also, it could potentially make blockchain even more popular among banks that could ultimately affect the price of Bitcoin and top cryptocurrencies.
Demand for Bitcoin is on the Rise
The price of Bitcoin remained somewhat stable since November 2018. It could mean that people’s interest in Bitcoin is now on the rise again. One of the things that has become an issue regarding its adoption is its volatility. It has become difficult for a lot of businesses to make use of Bitcoin for day to day transactions.
Now, could Bitcoin sustain this bullish direction? The reality is that it isn’t certain whether or not It is going to go up continuously. However, for the short term, it seems that the cryptocurrency is actually bullish.