How Geographical Trading Trends Could Influence Bitcoin Price Action

How Geographical Trading Trends Could Influence Bitcoin Price Action
фото показано с : bitcoinist.com

2019-7-25 23:00

Everyone wants to know what direction bitcoin prices will go next. Crypto analysts are constantly scrambling to find new technical indicators to give them the heads up but new data suggests there could be other influences that are affecting the price too.

Bitcoin Store of Value or Speculation Vehicle?

Analysis of different trading patterns around the world could offer insights as to what direction bitcoin prices will take next. That is according to new research from crypto-centric financial data firm, Digital Assets Data.

BTC prices are currently up 170% since the beginning of the year, which has revived hopes of a next major bull run that could eclipse the 2017 surge to its giddy heights of $20k. The new data reveals that bitcoin is used as a store of value and alternative to fiat in countries with high inflation. Conversely, according to Forbes, it is regarded as a trading vehicle for speculation in nations with lower inflation.

Chief executive and co-founder of Digital Assets Data, Mike Alfred, told the outlet:

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. 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 findings were based on local peer to peer trading on the LocalBitcoins platform, which revealed trading in high inflation countries often moved independently from BTC price.

During the bear market of 2018, bitcoin volume fell around 70% in low inflation countries but increased 60% in high inflation ones according to the report. Alfred added:

There is a limit to how much countries can borrow, how much they can spend, and how much money they can print. 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.

BTC Back Up Today

From an intraday low of $9,500 bitcoin pumped back into five figures today to hit the 200 moving average on the hourly chart at $10,180. It has remained at this level for the past few hours and is currently trading at 00. Analysts are expecting more volatility as the week progresses.

Do different nations affect the price swings of bitcoin? Add your thoughts below.

Images via Shutterstock, DigitalAssetsData

The post How Geographical Trading Trends Could Influence Bitcoin Price Action appeared first on Bitcoinist.com.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95292.38 (-0.70%)
Объем 24H $41.904b
Изменеия 24h: -2.23 %, 7d: -7.32 %
Cегодня L: $95217.68 - H: $97458.26
Капитализация $1886.758b Rank 1
Цена в час новости $ 9458.57 (907.47%)

bitcoin could new trading price prices direction

Источник: bitcoinist.com

bitcoin could → Результатов: 126


Bitcoin Could Be Ready For ‘Phase 2’ Of This Historical Bull Pattern

On-chain data shows Bitcoin could currently be following a similar pattern as in a previous cycle in terms of this indicator. Bitcoin Could Now Be Entering Phase 2 Of The Bull Run In a CryptoQuant Quicktake post, an analyst has pointed out how the recent trend in the Bitcoin long-term holder supply has been reminiscent to what was observed in the 2017 cycle.

2024-11-9 12:30


Фото:

Crypto Analyst Says Next Bitcoin Target Is $78,700 If BTC Breaks This Resistance

An analyst explained that the next target for Bitcoin could be $78,700 if BTC could cross this resistance level of an on-chain pricing model. Bitcoin MVRV Extreme Deviation Pricing Bands Put Resistance At $65,800 In a new post on X, analyst Ali has discussed some price levels for Bitcoin that could be important based on an on-chain pricing model.

2024-7-3 09:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

On-Chain Data Shows The Bitcoin Price Bull Run is Far From Over

Despite Bitcoin's recent rally, on-chain data reveals the bull market still has plenty of room to grow. Metrics like the MVRV Z-Score, NUPL, and Puell Multiple suggest Bitcoin is far from overheated, pointing to potential for significant upside in the months ahead.

0DOG and MATIC price prediction amid Polygon’s token swap

Bitcoin fell to lows of $56k again as crypto dumped amid a fresh surge in stocks. Many altcoins are mirroring this dump, including Polygon and Bitcoin Dogs. Yet, as the market experiences new downside pressure at the start of a historically tough September, most experts are doubling down on a bounce for Bitcoin in coming […] The post 0DOG and MATIC price prediction amid Polygon’s token swap appeared first on CoinJournal.

Bitcoin Remains On Top As Altcoin Season Fails To Gain Traction

The cryptocurrency market experienced a significant rally last week, providing a much-needed boost for many short-term speculators to turn profits. Bitcoin led the charge, surpassing the $64,790 mark, though the momentum appeared to have eased by the time of writing.