What is affecting the price of Bitcoin?
Bitcoin trading occurs continuously 24 hours a day. Therefore, the Bitcoin price is subject to abrupt volatility at any time of the day. The high volatility of the bitcoin price makes it a risky trade, but of course, greater opportunities for higher returns are also possible.
Bitcoin Quantity
The total supply of Bitcoin is limited to 21 million. Estimates suggest that Bitcoin will be fully mined by the end of 2140. The remaining stock of Bitcoin affects prices based on how quickly they enter the market.
Bitcoin Market Capitalization
The market capitalization of Bitcoin, or how much people perceive it to be worth, affects whether traders choose to go long Bitcoin (expect its price to rise) or short the bubble (expect its price to fall).
Negative Reviews from the Media
All currencies are affected by public perception, especially Bitcoin, which has been questioned constantly since its inception. Even to this day, the security, value, and longevity of Bitcoin are still questioned.
Integration of Payment Systems
The amount of confidence in Bitcoin depends heavily on whether it can be integrated into a new-generation payment system.
Industry Adoption
As of yet, Bitcoin has not been fully accepted or adopted by global enterprises, so it remains to be seen what role it will play at the enterprise level.
Major Events
Major events can severely impact digital currencies, including regulatory changes, security breaches, macroeconomic setbacks, and more.