The Rise And Fall And Rise And Fall Of Bitcoin is an infographic depicting the rise and fall of Bitcoin.
We declared 2021 to be “the year of the cryptocurrency” a few months ago. It was five months ago (a long time in crypto terms), and a slew of big currencies were flying high after a meteoric rise at the start of the year. Since then, however, the bubble has burst, owing to a series of significant setbacks for specific currencies as well as the entire concept, including as China’s tightening of controls.
The biggest of them all was no exception, and as CoinDesk data indicates, that summer dip was not only not the first, but also not the most spectacular in the cryptocurrency’s illustrious history. Bitcoin, which reached an all-time high of over $60 thousand in April, has since fallen to roughly $30 thousand as of the end of July.
The Bitcoin roller coaster has now accelerated once more, with the price above $57 thousand at the start of this week. While the price has dropped to $54 thousand as of this writing, the yo yo has yet to show serious indications of succumbing to gravity. What’s behind the latest uptick? Executive director of the crypto exchange CEX.IO, Konstantin Anissimov, commented: “El Salvador’s decision to make bitcoin legal tender has been viewed positively. Another reason is JPMorgan’s recent investor report, which stated that the coveted crypto asset appears to be a superior inflation hedge than gold. The recent bitcoin increase, in my opinion, is a direct outcome of inflation fears, and investors are utilizing bitcoin as a hedge against it.”