Bitcoin’s Resiliency and Immunity is on Full Display as BTC Price Sways in the Low $7,000s


The price of Bitcoin is currently sitting at $7,167 USD and has not been this high since September 4, 2018. Here is the chart from CoinMarketCap revealing this data:

latesttodaybitcoinpricenewsupdate7kexchangerate

While $BTC price remains a few hundred from its 2019 peak of $7,333 as we reported earlier, many are questioning when the real cool-off could come after recording bear market lows of $3,329 USD back in December 2018.  bitcoinpricechart7333btcusdvalue

But then many are on the bitcoin bandwagon and believe its value is significantly undervalued and even respected depending upon which groups you frequent and associated with. Let's go over some of the key resiliency factors bitcoin exudes and why its immunity has gotten stronger after ten years of growth and grit to become a $100+ billion dollar market (and high as $835 billion back in December 2017).

Bitcoin Is Now A Lot More Immune Than It Used to Be

Presently, there aren’t a lot of things (tangible or not) that are as changeable as the cryptocurrency market. This volatility in not just the prices of the respective assets but also of the state of the market with regard to adoption, has always been seen by many unbelievers as the factor that will ultimately cause the demise of the sector.

However this tendency to change has affected Bitcoin, the largest cryptocurrency, so much that it has now grown into such stability that it’s become considerably immune to some of the “diseases” that used to quickly shoot down its value. Some noticeable pointers to Bitcoin’s stability are given below:

Continuous Influx Into The Sector

Despite the fact that there are a lot of people who think that Bitcoin is a bad idea, there still are many entities – both corporate and individual – that are regularly entering the sector. Some of the institutions referred to here already either let customers pay for services with Bitcoin or offer Bitcoin trading.

Recently, the U.S. Financial Crimes Enforcement Network (FinCEN) put out a guidance sheet with particulars about certain crypto firms letting customers transfer money using digital assets. These services, according to the document, include mining pools, some peer-to-peer (P2P) platforms, cryptocurrency mixers and also Bitcoin ATMs.

Businesses like this would now have to apply and receive licenses that allow them render this service. Furthermore, they would have to incorporate an anti-money laundering (AML) framework and ensure that they fulfil know-your-customer (KYC) requirements. This “official allowance” for crypto businesses will only attract more business and also avoid scams.

Resistance to the Bitfinex and Tether Mess

In its earlier days, any bad press Bitcoin received directly and almost immediately impacted the price crashing it considerably. However, recent events have shown that the asset might now be substantially immune to bad press.

Recently, Bitfinex and Tether (USDT) were at the receiving end of a lawsuit initiated by the New York Attorney General, accusing them of illegally covering up a loss of funds, to the tune of $850 million. Shortly after the story hit, Bitcoin and most other altcoins began to dip in value eventually causing the entire market to lose $10 billion.

However, very shortly after that happened, Bitcoin and others picked up and continued to soar completely shaking off the problem. In fact, it didn’t take long for the market to regain itself and even cross $100 billion in market cap.

Censorship Backfire

Bitcoin has yet to actually being censored or even banned. However, the effect of all the calls for censorship just might have the adverse effect of improving the market. There really is no shortage of pessimistic tirades and rants, against the market in general as there are always people who spend a lot of time publicly trying to discourage others from using crypto.

Interestingly, Brad Sherman, a United States Congressman officially asked his colleagues to join him in supporting a bill to “outlaw cryptocurrency”. According to him, a lot of the country’s “international power comes from the fact that the dollar is the standard unit of international finance and transactions” and cryptocurrencies could “disempower our foreign policy…the United States and the rule of law.”

This call by a sitting congressman is regarded by many as a grievous mistake because it basically is admittance, especially to other countries, that cryptocurrencies are an actual threat to the U.S. It is assumed that these other countries, especially the ones not exactly happy with the U.S., could now think about using it as a weapon.

If this assumption is correct, then many other countries will seriously buy into the asset thereby improving its status. There already are unconfirmed reports that Russia may be accumulating hundreds of millions in Bitcoin in a bit to elude certain U.S. requirements.

Price Resistance to Compromised Exchanges

Before now, the price of Bitcoin would usually tank when an exchange is hit by hackers and large amounts of crypto is stolen. Events like this used to cause a lot of fear, uncertainty and doubt in the market, dropping the price. However, even though a few exchanges have been hacked this year, these events have had little or no effect on the market.

Not long ago, one of the most recognised and trusted exchange firms – Binance – was hit by hackers and lost 7,000 BTC which is almost $50 million at this time. However, the news surprisingly didn’t affect the asset at all and almost made the value steady as it still continued to rise considerably.

Based on the above reasons, it would be fair to say that Bitcoin has not only matured but as become somewhat resistant to most of its earlier problems. Wouldn’t it?

Bitcoin’s price is $50,498.08 BTC/USD exchange rate today. The real-time BTC market cap of $944.84 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $25 Billion and live coin value change of BTC 1.64 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$50,498.0803 change ~ 1.64%

Coin Market Cap

$944.84 Billion

24 Hour Volume

$25 Billion

24 Hour VWAP

$50.03 K

24 Hour Change

$827.48

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