Bitcoin BTC/USD has been in the news lately due to its swings and Chinese regulations.
The fact here is that Bitcoin is by far the biggest and most valuable cryptocurrency out there, and as such it will always be the main culprit in headline attention.
That being the case, this hasn’t really stopped Bitcoin from remaining on the top, and in fact, it has actually been growing as of recently in terms of value.
Bitcoin controversy and developmentsAfter Bitcoin’s announcement about the Taproot upgrade, we saw a lot of hype surrounding the token, however, It has actually dropped in value since May, where it was circling around the $50,000 mark.
That being the case, Bitcoin might have the potential now, more than ever to climb back up that ladder.
On July 5, we saw Mercado Bitcoin becoming Brazil’s First Crypto Unicorn. It raised $200 million from Softbank Latin America Fund. This cemented the Brazilian cryptocurrency exchange Mercado Bitcoin as the country’s latest unicorn.
Mercado Bitcoin has committed a lot of resources to defend its market share in the region, and as such, they plan on expanding its reach across Latin America.
Mercado Bitcoin Director Fabricio Tota told Invezz in an interview it intends to acquire companies with a strong presence in foreign markets while it is also open to “start from scratch” in other countries as well. This should translate to new demand for the world’s most recognizable cryptocurrency in countries where demand previously didn’t exist.
Is it worth investing in Bitcoin (BTC)?On July 6, Bitcoin (BTC) was worth $34,177.
According to data from IntoTheBlock, Bitcoin has had $5.19 billion in total exchange inflows, while trades that are greater than $100,000 totaled $110.34 billion over the past seven days.
If we take a look at the entirety of June as a point of reference, we can see that Bitcoin climbed as high as $40,704 on June 14 and as low as $30,089 on June 22.
This gives us a clear perspective as to how far Bitcoin can climb or fall as of its recent usage.
That being said, by November, we can expect the price of Bitcoin to climb as up as $40,000 yet again due to the fact that its Taproot update will take effect.
This upgrade will allow for greater transaction privacy, efficiency, and unlock smart contract functionality.
In fact, at its current price point of $34,177, Bitcoin might be at the best possible place when it comes to considering it for a long-term investment.
This is due to the fact that it will probably remain the largest-valued cryptocurrency and the latest update could strengthen its lead against rival coins.
There are also plenty of new exchanges out there that are specifically being developed to allow Bitcoin to be traded, and as such, this will increase the demand for BTC.
The more demand BTC has, the higher its value will go as a result. This is what makes BTC a worthwhile investment in July.
The post Should you invest in Bitcoin (BTC) right now? Here’s my price prediction appeared first on Invezz.
