As per the research revelation of the Bitcoin and crypto-based financial data company named Digital Assets Data, we can acknowledge that what will be the next move to tricky Bitcoin value by analyzing the trends because Bitcoin and cryptocurrencies are being differently trading around the globe.
Despite the fact that the recent bulls have increased the confidence of the Bitcoin that its value will surge and in the first half of the year 2019 the currency gain around 200%, the currency is still hovering around half of the late high of 2017. The currency reached $20K per Bitcoin and now it is just trading around the value of $10K.
The new research of Digital Assets Data stated that in high-expansion Countries bitcoin is store as the other option to the general asset and in the expansion countries it is usually traded for consideration – this is the potential catalyst that surges the value of Bitcoin.
The CEO and Co-founder of Digital Assets Data, Mike Alfred stated,
“We found that in developing countries and places where monetary policy and banks are less stable, bitcoin trading volume continued to rise even as the bitcoin price was falling.”
The company has just closed its first equity round and it raised total funds to $9.2 million.
He further stated,
“While this is currently happening in smaller economies, if there was instability in the developed world, perhaps through a major recession or spike in unemployment, there could be a significant surge in interest in bitcoin, resulting in a potential positive catalyst for the bitcoin price.”
The company’s researched is resources from the data of the local it pins peer-to-peer trading stages, exhibits that bitcoin that the value of the currency moves independently in high-expansion countries and on the other hand the volume trading of bitcoin is correlated with the alteration of bitcoin price in low-expansion countries.
During the last bearish correction of time December 2017 to December 2018, the monthly trading volume decreased up to 70% in low-expansion countries and surge up to 60% in high-expansion countries.
“There is a limit to how much countries can borrow, how much they can spend, and how much money they can print.” He added, “The market will eventually decide it can’t take any more stimulus. It looks like a house of cards right now and if it falls, bitcoin could see a surge of interest as we’ve seen in less stable countries around the world.”
This week earlier, the President of U.S. Donald Trump dismissed another broadside at the Federal Reserve of Country, asking that U.S. interest rates are decreased to assist fuel the economy. Trump also opposed bitcoin and cryptocurrencies earlier this month.
“There is an incredible thirst for market players all over the world for data that shows what’s driving the bitcoin price.” “Any trading data that are not based on algorithms is welcomed. Traders are all asking the same questions: ‘who’s using bitcoin and where are they,’ but no one has a full picture.”
The bitcoin’s value is hovering and investors are nervous. The cryptoanalyst at brokerage eToro, Simon Peter said,
“We’ve been waiting for a clear sign on bitcoin’s price and now it seems we’re getting one.”
“Overnight we saw clear signals that the bears might be winning. If support fails, prices could drop closer to $7,000 (per bitcoin) in what would be a deep correction.”
He also said that the new crypto futures exchange Bakkt, that it could have a noticeable impact on the Bitcoin market because it is the first exchange that is providing physically-settled bitcoin futures instead of cash-settled.