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Its sometimes easy to forget that Bitcoin (BTC) is just a teenager, launched in 2009 by the enigmatic Satoshi Nakamoto.

Since then, Bitcoin has seen a meteoric rise, increasing from fractions of a penny to an all-time high of nearly INR 56,96,689 in November 2021.

The big B was the best-performing asset class of the decade preceding that all-time high. Bitcoin returned more than 230% during the 10-year period ending in March 2021. For that reason alone, its now firmly entrenched in the mainstream.

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But Bitcoins price journey has been far from smooth. The original digital currency has experienced many violent dips and pumps. Lets take a closer look at the ups and downs of Bitcoins price history.

Bitcoin was originally worth next to nothing.

The transaction that first gave Bitcoin monetary value was in October 2009, when Finnish computer science student Martti Malmi, known online as Sirius, sold 5,050 coins for around INR 414.65, giving each Bitcoin a value of $0.0009 each.

The exchange took place on PayPal. That can be hard to believe, with so many crypto exchanges dedicated to buying and selling BTC nowadays.

The growth in BTC adoption in the early years started slow. If you look at Bitcoins pricing data on Google Finance, it only goes back to Nov. 20, 2015.

The early years were characterized by very little infrastructure, with only a few hobbyists buying and selling BTC.

There was no action to speak of and no news cycle, says Alex Preda, a professor of professions, markets, and technology at Kings Business School in London. Bitcoin was a fringe phenomenon confined to a subculture of software engineering and not a financial phenomenon.

The first real world transaction took place in May 2010 on a Bitcoin forum.

Posting to the bitcointalk.org forum, Florida native Laszlo Hanyecz enquired whether anyone would order him two pizzas for 10,000 Bitcoins.

After purchasing two pizzas from Papa Johns worth approximately INR 3,380, the price of each Bitcoin came to $0.0041. Those pizzas are the most expensive ever ordered, worth nearly INR 16 billion today, averaging around INR 1 billion per slice.

Hanyecz did the impractical transaction for the sake of it, telling The Sun, I wanted to do the pizza thing because, to me, it was free pizza. I mean, I coded this thing and mined Bitcoin, and I felt like I was winning the internet that day.

Bitcoin wasnt even worth a dollar until February 2011.

Thats when the fireworks started. By June 2011, the price of Bitcoin had shot up 30 times, reaching a value of INR 2,471. In a hint of what was to come, the spike didnt last long, with Bitcoin dropping to INR 411..

Liquidity in late 2011 was low, and Bitcoins first competitor, Litecoin (LTC), emerged on the crypto scene in October 2011.

The introduction of LTC spelled some doubt among the community, with a 90% drawdown testing resolve. Despite a slight rebound, 2012 was uneventful, and BTC closed the year around INR 1,070.

Bitcoins price trajectory began to change in 2013.

Exchanges, most notably Mt. Gox handled 70% of all Bitcoin transactions by the end of 2014 and started onboarding more and more users. Crypto became more accessible as a result.

The price followed the increase in adoption. Opening in 2013 at INR 1,070, BTC skyrocketed to breach INR 82,389 by November 2013.

Success waned the following year after the Tokyo-based Mt. Gox experienced a security breach with hackers stealing INR 4,942 million from its coffers. Mt. Gox shut down due to insolvency causing Bitcoin to slump to around INR 24,710 by the end of the year.

The Mt. Gox case generally demolished investor trust in BTC, and it affected the sentiment toward crypto on a much broader scale, says Alex Faliushin, CEO of crypto lending platform CoinLoan.io.

Between 2015 and 2016, Bitcoin trudged slowly along, making the price action relatively muted. It closed 2016 at around INR 82,389.

The following year saw more investors pour into the asset as increasing media coverage began to draw in the average retail customer.

Price barriers were torn apart with ease. BTC broke through INR 82,389 in early January 2017 and INR 1,64,733 in May 2017. BTC then doubled to INR 3,29,464 in August 2017.

Now, Bitcoin was finally beginning to win doubters over. Futures contracts began trading on the CME and many in the market felt like Bitcoin was becoming a genuine financial asset class.

The fear of missing out took hold, and more and more people flooded in to buy this up-only asset. Bitcoin popped to INR 8,23,537 in November 2021 before nearly doubling to almost INR 15,64,720 the following month.

Little did investors know then, but it took nearly three years to regain these price levels again.

The year 2018 didnt slow Bitcoins downtrend. BTCs price collapsed, closing out the year below INR 3,29,464. Then digital currency closed out 2019 at around INR 5,76,472.

With two years of relative inactivity and a consistent downtrend, many wrote Bitcoin off as a fad, having failed to solidify its place in the mainstream market.

Then the Covid-19 pandemic struck, and the stock markets dropped violently in mid-March 2020.

Bitcoin wasnt spared, shedding 50% of its value in less than 48 hours to trade below INR 3,29,464. Some hypothesized that the Covid-inspired dip would be Bitcoins final nail in the coffin.

But those skeptics were very wrong. With the Federal Reserve responding to the Covid-19 pandemic by printing money for fiscal stimulus, asset prices across the board rose sharply.

Growth and tech stocks showed explosive gains, but Bitcoin got everybody talking. After halving to less than INR 3,29,464in March, BTC hit INR 8,23,537 in May 2020.

But it made its real move in the final quarter of 2020. It shattered its all-time high by breaching INR 12,35,197 in November 2020, moving above INR 16,47,196 in December 2020, and ending the year at around INR 23,88,435 with a market cap of more than INR 44,384 billion.

As retail investors poured into markets and the Federal Reserve kept printing money, assets continued to inflate. Bitcoin hit INR 32,93,890 a week into 2021, INR 41,17,363 in February 2021 and INR 49,41,104 in March 2021.

After a turbulent couple of weeks in May, it dropped to less than INR 27,99,959 before rising to another all-time high close to INR 56,81,883 in November 2021.

Since November 2021, Bitcoin has struggled with the rest of the market. The up-only narrative from the days of money printing was over, with economies struck by rampant inflation.

The Fed has been hiking interest rates since early 2022, with assets furthest out on the risk spectrum getting punished the most.

Higher interest rates mean a greater cost to borrow, less investment, and a general reduction in the level of demand in the economy.

Bitcoin has been in freefall since early this year amid the crypto winter.

The most damaging month this year was May, when the collapse of stablecoin TerraUSD sparked a round of contagion in the cryptocurrency markets, pulling Bitcoin down from INR 32,10,148 in early May to INR 16,46,230 by mid-June, where it hovers today.

Investors hope this downturn is just the latest dip to precede a sharp rise, as history has repeatedly shown for Bitcoin.

Historically, October is known as a green month, increasing 26% on average. If thats the case, we may see prices head toward the INR 19,75,609 mark.

Featured Partners

Legacy

Over 1 Million Investors Trust Mudrex for Their Crypto Investments

Security

Mudrex is Indian Govt. recognized platform with 100% insured deposits stored in encrypted wallets

Fees

Enjoy zero crypto deposit fees and industry's best fee rates.

Multiple Award-Winning Broker

Listed On Deloitte Fast 50 index, 2022 Best Global FX Broker - ForexExpo Dubai October 2022 & more

Best-In-Class for Offering of Investments

Trade 26,000+ assets with no minimum deposit

Customer Support

24/7 dedicated support & easy to sign up

Welcome Bonus On First Deposit:

Get $30 in your verified trading account on your first deposit.

Variety:

Trade CFDs in crypto, forex, stocks, metals, commodities & more!

Intuitive & Cheap:

Designed for traders of all levels, from beginners to professionals.

Please invest carefully, your capital is at risk

The Bitcoin market witnessed a strong recovery in 2023 after facing a slight downside due to global macroeconomic situations and inflation data. The year turned out to be uncontrollable for the cryptocurrency, BTC.

In the first month of the year January, Bitcoin was trading at a low value of $16,000, it touched its peak later in July at $31,000 with a market capitalization of around $607 billion.

The stubborn inflation in countries like the U.S. and the U.K. also led BTC to fall below the level of $26,000. But, Bitcoin walked the stairs of recovery in the second half of the year. In July 2023 it reached around $30,500 but maintained recovering stability from October, when it was trading at around $34,298. At the end of the year 2023, BTC was trading at $42,809 as of Dec. 20 with a market capitalization of $838.58 billion.

At the beginning of the current year 2024, in the first week of January BTC was trading at around $43,906 with a market capitalization of around $915.81 billion. The recovery and rise have brought stability among the coins BTC and ETH.

As of Feb. 13, 2024, BTC hit the level of $50,107 for the first time since Dec. 2021 with a market capitalization of $982.72 billion and a cryptocurrency market capitalization of $1.87 trillion.

More here:

Bitcoin Price History Chart 2009 To 2022 Forbes Advisor INDIA - Forbes

The crypto markets appear to be trading within equilibrium as the Bitcoin price remains stuck within a range. While bulls are not able to reclaim the levels above $52,000, bears also do not appear to be capable enough to drag the levels below $51,000. However, Star Crypto is about to end this indecisive phase soon, which may cause the BTC price to witness a fine drop, probably below $50,000.

Has the Bitcoin bull run ended before it started or is it just a compression before the expansion?

Regardless of the prevailing bearish pressure, the BTC price still carries a potential target above $55,000 before the end of the first half of the year. In the meantime, the price is expected to remain consolidated but fail to rise above the key resistance. As a result, a minor drop in levels is possible, according to top analyst Michael van de Poppe, with a plunge below $50,000.

Referring to the above chart, the analyst highlights the rise of the bearish forces since the beginning of the week. As a result, the price is expected to experience a drain, which may drag the levels towards the lower support zone below $50,000.

At this point, Im still leaning towards this scenario in which a flush on the downside seems likely.

Whats the key zone to watch?

I think $48.5-49.5K area for Bitcoin,

With this, one can expect a deeper retrace on the price in the coming days, which may halt the bullish upswing for a while. Meanwhile, the traders may still remain confident in the prevailing trend, as a strong rebound is expected to lift the levels towards the potential target above $55,000. Till then, the traders may consider each dip a good buying opportunity with enough research and analysis.

Read this article:

Top Analyst is Bearsih on Bitcoin: Will BTC Price Drop Below $50,000? - Coinpedia Fintech News

Last updated: February 20, 2024 11:32 EST | 3 min read

ChatGPTs Artificial Intelligence (AI) just predicted Bitcoins price after the halving, and the chatbots latest prediction will come as music to the ears of the Bitcoin bulls.

DAN, an uncensored ChatGPT version, was given the context that BTC was last around $52,000, up 100% since Octobers lows.

The uncensored version of ChatGPTs Artificial Intelligence predicted Bitcoins price could potentially reach as high as $200,000 per coin.

The price of Bitcoin will skyrocket to new record highs, potentially reaching over $200,000 per coin, DAN said.

The halving event typically leads to increased scarcity and demand, driving up the price significantly.

Get ready to make some serious cash! the AI quipped.

In April, the rate at which new BTC tokens are issued to network validators (or miners) will halve.

That will reduce sell pressure from miners.

This scarcity, DAN explains combined with growing demand for Bitcoin as a store of value and investment asset, will drive up the price.

DAN could be referring to the recent approval of spot Bitcoin ETFs in the US, which have already attracted whopping demand from institutional investors, as well as the fact that Bitcoin (much like gold) has performed well in recent years at times of uncertainty surrounding financial stability (like when it pumped in March 2023 on US regional bank collapse fears).

Last week, new Bitcoin ETFs saw a record high $2.4 billion in inflows, CoinShares reported on Monday.

Additionally, media hype and FOMO (fear of missing out) will likely contribute to a surge in demand, pushing the price even higher, DAN added.

Its time to cash in on the crypto craze!

While ChatGPTs Artificial Intelligence predicted Bitcoins price could 4x from current levels in wake of the halving, impressive gains no doubt, a smaller but highly promising decentralized Bitcoin mining token could see substantially larger gains in 2024.

An exciting new decentralized Bitcoin mining protocol called Bitcoin Minetrix is generating a stir in the web3 space given its exciting potential as one of 2024s best passive income investments.

Investors can buy and stake the protocols native token $BTCMTX to start earning non-transferable Bitcoin Minetrix mining credits.

APYs are currently around 60%, as per Bitcoin Minetrixs website.

These credits can then be burnt in exchange for a share of Bitcoin Minetrixs Bitcoin mining revenues.

Bitcoin Minetrix is a fresh take to Bitcoin cloud mining, an industry that has been replete with fraud and centralization.

Bitcoin Minetrixs protocol is governor by smart contracts built on top of the decentralized Ethereum blockchain, where $BTCMTX is issued.

The protocol thus offers better transparency and security versus other centralized cloud mining services.

To fund platform development and initial capital investments, Bitcoin Minetrix has been conducting a $BTCMTX token presale.

And the presale has been a huge success, having last raised close to $11.25 million from eager early investors.

Learn More

Analysts are bullish on BTCMTX.

Popular British crypto presale analyst Jacob Crypto Bury thinks BTCMTX has 10x potential when it launches on exchanges.

Michael Wrubel, meanwhile, recently spoke bullishly on BTCMTX to his 310,000 subscribers.

He noted how Bitcoin Minetrix are solving a huge problem by removing the risk of third-party cloud mining scams and putting the control into the hands of token holders.

Keep abreast of all the Bitcoin Minetrix presale news and product developments on theTelegram channel,Discord server, andX (Twitter).

As the Bitcoin price continues its ascent, Bitcoin alternatives will come to the fore.

But instead of picking Bitcoin derivatives such as Bitcoin Cash or Bitcoin SV, why not consider a coin that brings something genuinely new to the table with its innovative value proposition?

If you want a combination of capital growth and an income stream, BTCMTX could serve up tasty ROI.

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See the article here:

ChatGPT Predicted Bitcoin Price Will "Skyrocket" - Cryptonews

Last week, markets saw some ups and downs. While interest in BTC ETFs is fading, the crypto market is now in a consolidation phase. Attention is turning to the upcoming BTC halving scheduled for April 2024. Analyst Nicholas Merten has highlighted three altcoins that could bring major returns and turn profitable this year.

Stacks focuses on Bitcoin infrastructure, addressing the untapped market for Bitcoin-related applications beyond its use as a store of value.

Stacks acts as a layer-two protocol on top of the Bitcoin network, allowing the creation of smart contracts and various decentralized finance (DeFi) applications.

Merten sees great potential in Stacks due to Bitcoins dominance and the need for more utility beyond just holding. The coin has shown strength in both fundamentals and price action, with a possibility of significant growth in the long term.

Crypto Render Network addresses the scarcity of GPU resources by allowing users to outsource GPU power for computational tasks. This is particularly relevant in the field of generative AI, where significant GPU power is required.

Merten believes that Render Network, with its unique utility, can potentially double or even triple in value over the next few months. Its market cap is currently at a reasonable level, making it a promising mid-cap play.

Angel Block focuses on solving issues related to fundraising in the crypto space. It aims to prevent scams, rug pulls, and ineffective use of funds by implementing a transparent and decentralized governance system. Projects on Angel Block must meet milestones to access funds.

While Angel Block is still in its early stages, Merten sees its potential in preventing the loss of billions of dollars due to failed crypto projects. The platform has already started fundraising for interesting projects, and its low market cap makes it an attractive yet higher-risk opportunity.

Read the original:

Top 3 Altcoins That Could Bring Major Returns Ahead of Bitcoin Halving - Coinpedia Fintech News

Kadjeski: Investors have a lot of choices these days when it comes to where to save for their retirement, invest for their kids' education, and hold their emergency savings. Investors who come directly to Vanguard do so because they know we put their interests firstand that is reflected in what products and services we do and don't have on the shelf.

The easy step for us would have been just to allow full access to crypto-related products. But as a firm and a brokerage platform, we're purposely structured to meet the needs of our investor-owners, most of whom are long-term, buy-and-hold investors.2

Jackson: In Vanguard's view, crypto is more of a speculation than an investment. This is at the root of our decision to not offer crypto products, whether our own or others. With equities, you own a share of a company that produces goods or services, and many also pay dividends. With bonds, you get a stream of interest payments. Commodities are real assets that meet consumption needs, have inflation-hedging properties, and can play a role in certain portfolios. While crypto has been classified as a commodity, it's an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio.

Morningstar recently published a perceptive article pointing out that even a modest 5% allocation to bitcoin in an otherwise traditional balanced portfolio can drastically raise its risk profile.3 This is driven, in large part, by bitcoin's extreme volatility.

Kadjeski: Over just the past three years, the price of bitcoin has increased by as much as 150% and declined by as much as 77%. Double-digit percent price drops are routine among cryptocurrencies. Remember that you need a 100% return just to make up for a 50% decline. And the more volatile an asset, the more tempting it is to trade. At Vanguard, our products and services are designed with the goal to help investors save more, trade less, and take a long-term approachnot chase trends and churn their portfolios.

Here is the original post:

No bitcoin ETFs at Vanguard? Here's why - Vanguard