The rate jumped to its peak.
On the day of the US presidential election, the rate of the most important cryptocurrency – bitcoin – briefly rose above $ 14,000.
This is evidenced by data from the site CoinDesk, which tracks the value of cryptocurrencies on various exchanges.
At 1:19 in Kyiv on November 4, the exchange rate jumped to a peak of $ 14,060.67. This is the second time in the last five days that bitcoin has hit the $ 14,000 mark – on October 31, the exchange rate also briefly exceeded this value.
Prior to that, bitcoin had not risen above $ 14,000 since mid-January 2018. The cryptocurrency has remained stable for the last few hours, trading in the $ 13,700 – $ 13,900 corridor. Right now – at the time of writing (08:54 Kyiv time), the exchange rate is $ 13,829.71.
It is noteworthy that the new leap coincided with the US presidential election. Last time the situation was the same: in November 2016, the rate of bitcoin went up and from $ 700 cryptocurrency eventually rose to $ 20 thousand by mid-December 2017, after which there was a sharp collapse. Of course, it is far from a fact that this time the situation will be repeated.
One of the drivers of the current rise in bitcoin is a recent decision by PayPal, the owner of an international payment system that allowed users in the United States to sell and buy cryptocurrency.
The total capitalization of all existing cryptocurrencies at the time of writing these lines exceeds $ 422 billion, of which more than half ($ 256.14 billion) falls on bitcoin.
Chronology of events
In February 2020, amid falling global stock markets, bitcoin grew steadily. On February 9, the price of cryptocurrency crossed the mark of $ 10,000 for the first time since October 2019.
The price of cryptocurrency on March 13 fell by 32% to $ 3915, which was the lowest figure since March 2019.
On May 11, 2020, the “halving” of bitcoin (BTC) took place. The main task of this mechanism, laid down in the protocol of the blockchain network more than ten years ago, is to control the issuance of cryptocurrency and curb its inflation.
The US stock indexes Dow Jones Industrial Average, Nasdaq and S&P 500 fell 9.5 percent in trading on March 12. It was a record drop since October 19, 1987, known as Black Monday.
As of July 28, 2020, at the beginning of quarantine, bitcoin has tripled in price.
As of October 21, 2020, the bitcoin exchange rate, which collapsed in early September, reached $ 12,291 per coin.
On October 22, 2020, the value of bitcoin rose to an annual maximum.