Cryptocurrency is the most trending thing nowadays as everyone is talking about it. If we talk more specifically, bitcoin has been the latest news in the past few months. Few tweets made by Elon Musk shook the bitcoin market and brought it down from its peak. Several other things have all occurred in the bitcoin world in the past month. You can learn about a few of them by reading the paragraphs below.
Elon Musk Tweets about him backing the Cryptocurrency
Elon Musk is the owner of Tesla, and he has been in the headlines because of the continuous tweets he had made about cryptocurrencies in the past. Some of his tweets bruised the bitcoin market value drastically and brought the price of bitcoin to $39000 from $41000. But now, he has tweeted something positive about the cryptocurrency as he stated that there is a battle going on between the cryptocurrency and the fiat currency, and in that battle, he will always support crypto. It indeed left a positive impact on the market and helped bitcoin recover a bit after the massive downfall in mid-May.
He has earlier also tweeted about bitcoin and is known to be a strong supporter of cryptocurrency for a long time. The bitcoin market has faced a lot of fluctuations in the past month, and several things have occurred which impacted its price. Firstly, Elon Musk tweeted that his company won’t accept bitcoins anymore, and it started the downfall of the world’s most significant currency. The pace of its descent caught speed after the Chinese government advised their banks to stop using cryptocurrency and offering services for crypto transactions. You can start reading Bitcoin News and start your journey in bitcoin trading.
The Downfall of Bitcoin Continues
The year 2020 has been full of ups and downs for Bitcoin as it was the same year when the world’s largest cryptocurrency touched its all-time high price, and it is the same year when it witnessed a massive downfall in its market price. On April 14, Bitcoin touched almost $65000, and if we talk about the current scenario, it is over 47% below that its peak price and the plunge it has faced has occurred in less than a month.
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May 22 was Bitcoin’s Pizza Day
Bitcoin is the most popular cryptocurrency, but most people have minimum knowledge about its origin. You will be surprised to know that the first thing that was ever bought with bitcoins was two papa john’s pizza. The purchase was made on May 22, which is why it is now celebrated as bitcoin’s pizza day. In 2010, a man bought two pizzas for $10000 bitcoins which were worth nothing at that time. Who knew that those 10000 bitcoins would be worth millions in the next few years? Recently, it was the pizza purchase’s 11th anniversary, and at that tie, bitcoin touched a high point of $63000. So, if we calculate the value of that pizza on the basis of the current price of bitcoin, it would be over $630 million.
Most people are not aware of this fact, and on the occasion of bitcoin’s pizza day, this story was covered by a lot of news platforms. At the time those pizzas were purchased, 10000 bitcoins were valued at $41, which means the value of one bitcoin was $0.004. This day is dedicated to Laszlo Hanyecz, who was the man who traded 1000 BTC for two pizzas in 2010. Despite the massive increase in the value of bitcoin in the past few years, he still not regrets paying such an enormous amount for two large pizzas. He believes that he is lucky to be a part of bitcoin history, and whosoever will get to know about bitcoin, he will surely learn about this amazing story.
In the present, too, there are numerous food chains and restaurants which have started accepting bitcoins. But before you start using bitcoins to purchase foods and drinks, you must be aware of the high price volatility. The price of bitcoin keeps on changing as there are numerous factors that affect the crypto market. If we talk about the recent news, some restrictions imposed by the Chinese banking association on the usage of bitcoins brought a massive downfall in its prices.
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