Market Analysis by MarketPulse (Zain Vawda) covering: BTC/USD, Bitcoin. Read MarketPulse (Zain Vawda)'s Market Analysis on Investing.com
Bitcoin prices are currently range-bound, the range between 56,561 and 61,750 is keeping both buyers and sellers cautious.
Bitpanda’s deputy CEO, Lukas Enzersdorfer-Konrad, told Cointelegraph earlier this August that it’s important to remember Mt. Gox was one of the first exchanges. This means its users were among the early adopters of Bitcoin and thus believe in the technology. This could in part explain why they are refusing to sell the world’s largest cryptocurrency.
There is a theory that with more institutional adoption Bitcoin may lose some of its volatility, however, the drop in early August suggests this may be somewhat misguided. I guess time will tell where this one is concerned.El Salvador’s National Bitcoin Office is offering Bitcoin training and certifications to 80,000 government workers. The country has started this program to teach public employees about managing and creating policies for Bitcoin.
Market participants will be looking for more cues regarding the rate path of the Federal Reserve moving forward and this could have an impact on riskier assets such as BitcoinFrom a technical perspective, Bitcoin is currently stuck in a price range, with a recent dip almost breaking out but not succeeding. The range between 56,561 and 61,750 is keeping both buyers and sellers cautious.
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