Bitcoin price swings seem to have an unintended turn as they held their domain under $8000 to $8800 throughout the month. Before I lead to the further elaboration of the Bitcoin price chart of the month, let’s look at the Bitcoin price chart of the month of October.
A month’s value almost stayed below $9,000. This blog will analyze every possible event around the world and show you how the price of Bitcoin is affected by these events.
So when I’m trying to explain the October month’s price plunge, you’re going to have to look at the previous month’s chart at once.
From the beginning of September, the cost was over $10,000 and it was expected to reach $11,000. So, what happened in that period that extended the value below $8000?
The reason might be one of the simplest and most advertised products, Bakkt. Many of the Bitcoin price experts blame Bakkt for the price drop in Bitcoin. The company aimed to massively embrace Bitcoin, but after the release of Bitcoin’s Futures Contract Project story moved in a different direction. A steady decline in price graph suggested the future of Bakkt’s release after 23 September. But nobody could have predicted that the outcome could be negative, too. All the bitcoin-friendly project doesn’t have to play a bitcoin price boost role.
If you want to learn more about bakkt then go through this post, which covers all your bakkt queries: https://medium.com/altcoin-magazine/bakkt-the-buzzing-investor-industry-know-all-about-it-b26c0d9736d6
A day after September 25th at 12 AM, while everyone was sleeping soundly, Bitcoin’s price fell from $9,462 to $8,370 in just two hours.
After the decline, it wasn’t going up beside it, it went down again in October. The nine thousand’s club hasn’t been touched. The analyst was concerned about the bitcoin price. Where Bitcoin’s value outlook is hitting high, how could it be if the scope is so small at the end of the year? Bitcoin price betting did not match the previous price list.
To know bitcoin price prediction read this: https://medium.com/altcoin-magazine/bitcoin-future-value-prediction-by-experts-bdfb225134d8
Take a look at the daily price fluctuations in the month of October since the end of September. The first week of the Bitcoin price was confronted with a price drop that brought it down from $8,484 to $7,972, almost $500 of a price drop.
The reason was not certain of the steady fall in price for the first week, but Libra could be the reason behind all this. Payment giant PayPal withdrew its support from the Libra project in the first week, leaving uncertain confidence in the project. Although PayPal clarified it in its official statement, “We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future.”
The second week of October had a positive impact on the Bitcoin price as it represented a plummeting upward trend. The second week provided a positive environment for the Bitcoin enthusiast as the market soared beyond $8,500 and gave hope that it wouldn’t see much down after that. On October 9th, it almost earned $400 in its value. This was very lucrative for the company. And it also touched $8,700 in that week.
The reason behind the growth still uncertain. None can predict the bitcoin price because it includes many factors which regulate the price.
Read this article: https://medium.com/altcoin-magazine/top-7-factors-determining-bitcoin-price-c0f463e9d710
Look at the third week’s graph. Shortly after the rise, the value began to fall again.
The chart clearly showed that the value was about $8,000. Constant price movements will not scare traders. But a sudden drop from October 23rd to 25th made traders terrified. Until I clarify how to look at the Bitcoin price map that will give you a clear view of this. And you’d understand how critical the situation went in those two days.
The abrupt drop in price at 6:00 p.m. on October 23 left several bitcoin investors surprised. This didn’t show any strong movement for two days. During that moment, the value of $500 dropped again in a couple of hours. Price also dropped under $7,500 during that period. The reason behind this has been explained by many crypto analysts. They believed two major events that could cause price fluctuations.
First, the Libra Screening: Mark Zuckerberg appeared in front of the Congressman for the Libra campaign. However, the mark accepted the risk behind the project and admitted that the payment platform could have left the project for this reason. The investigation question of Libra and Mark’s vague responses is transforming the entire project into a big black hole. No one is interested in taking such a threat. That also affects the crypto market as well as the bitcoin price.
Third, Google’s quantum research: Google suggests that it has solved a quantum computing problem that a supercomputer would have taken years to solve. This is great news for theoretical physicists and quantum computing aficionados.
Such two breakthroughs in the business could be the possible reason why bitcoin had to face figure ‘ 7’ this month. It was also projected that the value would sink under $6,000. The crypto trader of bitcoin — the world was in a great depression. But that’s not the start of this week. Since October 25th, sudden development calms down the hot condition in the crypto-industry.
In the morning of October 26th, around 8:00 a.m. as the US time, the BTC rate hit more than $10,000 after precisely one month. When the price started to drop after bakkt’s announcement on September 23rd, the Bitcoin price didn’t see the $10,000 room.
The main reason behind the growth was the positive movement of China towards the blockchain industry. China’s president said, “We must take the blockchain as an important breakthrough for independent innovation of core technologies,” “[We must] clarify the main direction, increase investment, focus on several key core technologies, and accelerate the development of blockchain technology and industrial innovation.”
That statement had a positive impact on the crypto market. Suddenly, the price of all altcoins, including bitcoin, showed an increase. China is now one of the leading countries in the economic sector, so it has now decided to ease the regulation of cryptocurrency in the country. That means that China is about to amend the cryptocurrency regulatory law, which was only because of China’s cryptocurrency. Keeping in mind that China will soon launch the first government-backed cryptocurrency country, regulation will help the cryptocurrency. The new approach of Mr Xi Jinping’s comment may have allowed the price of Bitcoin to flow.
Related article: https://medium.com/altcoin-magazine/chinas-central-bank-cryptocurrency-news-a-boom-to-the-crypto-market-1587509ada3b
Another reason that can’t be overlooked is again bakkt. Yes, some of the analysts also believe that China may not be the reason for the bitcoin price boom. Bakkt industry could be the reason behind it.
Sale of the futures contract became all-time high after the launch of the platform. From the 24th to till date it is showing a positive outlook of the business. One bakkt was the reason for the bitcoin price fall now it could be the reason for the bitcoin price hike.
This month showed a massive fluctuation of bitcoin price. It went as low as $7,455 and as high as $10,017. Almost $2500 price fluctuate this month within seven days. This price analysis of bitcoin will give you a clear sense of how the bitcoin price acts accordingly with the news around the crypto industry.