Cryptocurrency Analysis

[IFX_Selena]

Bitcoin will not be turned off or banned, but this does not guarantee "digital gold" eternal growth



Over the past few years, there has been a popular belief that bitcoin interferes with almost any government and central bank. In principle, this is true since bitcoin is an anonymous payment system. Thus, it can be used to conduct illegal operations, finance terrorism, and launder money. It is almost impossible to track transactions and identify the sender and recipient. However, we should also not forget that the government itself can finance illegal actions or various intelligence or espionage operations and pay for participation in military conflicts. Naturally, all these expenses will not be shown in the official reports or do not have to be there. Thus, with the help of the same bitcoin, governments themselves can take part in various secret operations that cannot be financed from the official budget. Of course, there are always various private funds, but it just became much easier and more convenient to finance such things with the advent of bitcoin. Thus, the governments of the largest countries in the world are hardly interested in the excessive development of the cryptocurrency segment. Still, at the same time, they are not interested in its complete ban. Also, do not forget that the concepts of politics and the financial segment in many countries are connected in a sea knot. Investors, billionaires, and business people have an influence on the political sphere through the process of lobbying for specific laws and initiatives. And since the interest among large investors and institutions in bitcoin has grown significantly over the past year, it is unlikely that these people will allow you to block the entire network, which is theoretically possible. It is also noted that about 80% of all mining capacity is now located in the United States, China, Russia, and Iran.

Except for Iran, as we can see, "all the same in the arena". It is unlikely that these states will allow you to disable the network of bitcoin or other cryptocurrencies. Thus, the ban on the use of cryptocurrency in Turkey and possible similar actions of the Indian authorities are unlikely to change anything much for bitcoin in global terms. Moreover, with the current level of technology development, you can mine bitcoin from anywhere, even remotely. Bitcoin was banned in Turkey, but it can be safely mined in a neighboring country without even visiting it by renting the appropriate equipment. You can not store bitcoin in India. No problem, virtual wallets can be located in any country where bitcoin is not prohibited. Therefore, either all countries of the world should simultaneously ban the "cue ball", which is unlikely to happen, or it will be tightly controlled (perhaps over time) but will be allowed to live.



Let's take a look at the hourly timeframe, which we have already given in recent articles. There is a clear downward trend line here, which shows that the downward trend has already formed and is currently continuing. This weekend, the quotes are trading in a very narrow range for themselves $ 48,700 - $ 51,000. And sellers still need to keep the "digital gold" below the approximately $ 56,500 level, which is very far away.




Paolo Greco
Analytical expert
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