Bitcoin Price: Current Cryptocurrency Market Update

    Bitcoin was the first virtual currency launched in the world and has reached a maximum level of 68 thousand dollar units.

    Bitcoin, the first cryptocurrency launched on the market, was created by Satoshi Nakamoto (pseudonym) in 2008 after the global financial crisis; this digital currency promoted a libertarian ideal and sought to challenge traditional monetary and financial institutions.

    Known in the world of markets under the acronym BTC, bitcoin uses cryptography to ensure that its management is decentralized, that is, that it cannot be regulated by any institution or banking body, which in turn makes cryptocurrencies volatile

    It was on November 1, 2008 when Satoshi Nakamoto sent a message to the cryptography mailing list of the website under the title bitcoin P2P e-cash paper, where he alluded to a new type of electronic money system that it was not based on a third-party relationship, but was direct.

    It wasn’t long until on January 3, 2009, bitcoin finally went live with a first batch of 50 coins called “the genesis block” that was mined by Satoshi Nakamoto himself. According to records, there are currently 19.26M bitcoins in circulation, although the money supply continues to rise.

    In 2013, this cryptocurrency, which was worth almost nothing in its beginnings, reached $1,000 and began to attract the attention of financial institutions. Months later, it faced its biggest crisis with the hacking of the MtGox platform led by Mark Karpelès, where up to 80% of the units in circulation were exchanged, which caused a collapse in its value.

    In the last months of 2017, a new rise placed its value at $19.51. Today its price has exceeded USD 68,789.63, also influenced by comments from relevant figures such as Elon Musk, which has made it the most important cryptocurrency of these times.

    Despite the progress and scope that Bitcoin and other large digital assets such as Ethereum have had, organizations such as the World Bank, the International Monetary Fund (IMF) and the Inter-American Development Bank (IDB) are still doubtful about the benefits of this type of cryptocurrency.

    In contrast, there are others that have shown great interest in bitcoin, as is the case of the government of El Salvador, which on June 9, 2021 became the first nation to adapt this cryptocurrency as legal currency, but not only that, but President Nayib Bukele has also announced his intention to create the first Bitcoin City in Conchagua.

    Similarly, Honduras Próspera, a Central American special autonomous zone launched in 2020 on the paradisiacal tourist island of Roatán, has opted for the adoption of bitcoin as legal tender virtual currency despite the fact that the banking authorities do not guarantee its operations. In Mexico and Portugal, there have also been political figures who have proposed the legalization of this digital currency.

    On May 5, 2022, the Gucci brand joined the list of stores that bet on the use of that currency to purchase their luxury products. Payment with this digital asset can be made at branches in New York, Atlanta, Miami, Los Angeles and Las Vegas in the United States.

    The Crypto Winter That Clouded 2022

    Despite these advances, in the first weeks of May 2022 the bitcoin currency was immersed in the “crypto winter” or “cryptocrash” crisis, which also sank the values of other cryptocurrencies such as ethereum or LUNA de Terra.

    It is called “crypto winter” when prices fall unexpectedly and no improvement is seen or forecast in the next six months after it begins. This latest episode was driven by several elements: inflation in the world and the proposal to ban the use and extraction of these in Russia, currently in conflict with Ukraine.

    This disturbing term also alludes not only to the sharp fall in virtual currencies, but also to the decrease in the volume of operations and months of market stagnation, a phenomenon that is not new either, since a similar event was experienced only in 2018.

    This latest crisis led bitcoin to drop a surprising 77% of its value; while others like Ethereum lost 30.88% of its value in that month. The domino effect also affected Terra’s stablecoin, LUNA, which fell more than 100% from $118 to $0.09, a blow from which it still cannot recover.

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