Sunday, July 21, 2024

Bitcoin is aiming for a record-setting eighth weekly red candle.

With the BTC value plummeting to a low after an all-time high in 2021 November things have been looking a bit optimistic. The market closed at $30k with almost no volatility present.

This is good news as the coin is now recovering slowly but surely. China and Russia’s ban on the crypto market as a whole and the tensions between Russia and Ukraine are some of the major factors for this. Not only that recently India also introduced a 30% taxation on any crypto assets.

All these combined have been the downfall of crypto. Russia at first outright banned all crypto-related activities in the country but has now eased its stand. The umbrella ban has been relaxed with some coin exchanges now operational. China on the other hand gave the users some time to sell off their assets.

This mass sell-off caused the market value to plummet. And after a few months of this Russia and Ukraine got into a conflict which led to Russia invading the nation. The world was quick to react and severed ties with Russia even on the crypto front.

But 22nd May is also known as Bitcoin Pizza day as some ordered 2 Pizzas with 10,000 BTC on this very day in 2010. Ever since then the value of the coin has gone up by 1.38 billion %. As of today, the 2 pizzas cost Laszlo Hanyecz an approximate of $295 million.

This is the most expensive pizza that money can buy.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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