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Bitcoin Hasn't Recovered From Recession - Novinky.cz

Bitcoin Hasn’t Recovered From Recession – Novinky.cz

Bitcoin started the new year at $47,739 (1,028,920 CZK). However, on Thursday there was a significant drop to $42,855 (CZK 923,650), and on Sunday to $40,832 (CZK 880,050).

The exchange rate was a little higher on Monday, but it’s still one of the worst results this year. One virtual currency was traded for 41,770 USD during the first day of the new working week, which is equivalent to CZK 9,0260.

The evolution of the value of Bitcoin over the past month

Photo: news

Exactly two months ago – on November 10 – Bitcoin set a new record. At that time, the exchange rate rose to $68,990 (1,486,480 CZK). Since then, however, the world’s most popular cryptocurrency has been almost permanently lost.

Last week, the stagnation was caused by the tense situation in Kazakhstan. In the middle of the week, the global computing power of the Bitcoin network fell sharply as almost all of Kazakhstan was disconnected from the global internet. At the same time, this Central Asian Republic is one of the countries with the most number of cryptocurrencies.

The evolution of the bitcoin exchange rate has traditionally been copied by other cryptocurrencies, such as Ethereum. At the beginning of the year it sold for 3,725 dollars (80,240 CZK), on Tuesday it was only 3,215 dollars (69,260 CZK), and on Sunday only 3,800 dollars (64,800 CZK). Ethereum started the new week at $3,145 (CZK 67,750).

Bitcoin and other virtual currencies

There are many virtual currencies. One of the oldest and most popular currencies currently is the so-called bitcoins. It was established in 2009, but has gained more popularity in recent years. This currency is designed so that it cannot be influenced by any government or central bank.

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Cyber ​​coins “mint” a network of computers with specialized software programmed to issue new coins at a steady but declining pace. The number of coins in circulation is expected to reach 21 million in the end, which is about 2,140.