Canadian citizens used Bitcoin (BTC) mainly for investment purposes in 2017, according to a study by the Bank of Canada (BoC) published July 23.
According to the survey results, Canadians have mainly used the major cryptocurrency for investment purposes in 2017, rather than for transactions, which previously had been cited as the main reason for dealing with Bitcoin in 2016.
Among non-transactors, those who used Bitcoin “once or twice, but not on a regular basis,” the vast majority — 77 percent — responded they hold BTC as an investment.
Source: Bank of Canada The citizens of British Columbia report the highest level of awareness of Bitcoin, with a reported growth from 77 percent in 2016 to 93 in 2017.
Prairies is ranked second in Canadian provinces in terms of BTC awareness, with Ontario in third place, according to the study.
In our previous discussion, a strong possibility for a retest of the low volume spring was noted as the market was beginning the early stages of an inverted head-and-shoulders (H/S) reversal (sometimes called a head-and-shoulders bottom).
Token economy is the most important factor to consider when investing in a blockchain startup. It should be the structure to evaluate in any worthwhile investment. Like all economies, it is composed of two basic components: supply and demand.
Canada has seen an increase in its bitcoin ownership rate from 2. 9 percent in 2016 to 5. 0 percent in 2017. Usage trends have also shifted, with most Canadians now holding bitcoin primarily for investment purposes.
Canada has seen an increase in its bitcoin ownership rate from 2. 9 percent in 2016 to 5. 0 percent in 2017. Usage trends have also shifted, with most Canadians now holding bitcoin primarily for investment purposes.
After a feeble rally on diminishing volume, bitcoin is currently in the middle of its first major pullback in about 2 weeks. Over the last week or so, bitcoin managed to break its sustained downtrend and trend back inside the macro trading range (TR) — both of which are quite bullish market characteristics.
A sideways market has many bitcoin investors wondering if the downward volatility has finally subsided. As stated in our previous discussion of the bitcoin market, the $6,425 support level was a very important level to hold.
Within minutes of rumors spreading regarding the SEC’s classification of both bitcoin and ether, the entire crypto market breathed a sigh of relief as everyone enjoyed a nice bounce.
In the previous BTC-USD market analysis, we discussed a macro pattern forming, called a “symmetrical triangle. ” A symmetrical triangle (shown in red) is a directionally agnostic consolidation pattern.
