- The pandemic-stricken year 2020 has been positive for bitcoin trading.
- Market experts are seeing a growing future for the bitcoin trading which recently shown consistent rally before slumping this week.
- Recent trends reflect the world's softening attitude towards the bitcoin.
- The government's support to the underlying blockchain technology would also aid in the cryptocurrency’s growth.
- The bitcoin industry outlook seems to be positive.
The most popular cryptocurrency, bitcoin is now a days creating a lot of buzz in the investor community thanks to the recent rally. The pandemic year 2020 has mostly been positive for digital payment systems, including the bitcoin.
If we see the recent bitcoin trading patterns, after continuously rising from 16 November to 20 November, the cryptocurrency has mostly corrected after that.
On 28 November 2020, at AEDT 11:53 am, Bitcoin was down by 1.87 per cent and was trading at AUD 23,315.0.
Bitcoin gaining ground amid crisis
The recent trends are difficult to be ignored by authorities, and it seems now the world is getting more accepting towards these cryptocurrencies as the attitudes are changing towards it.
Even governments are closely watching the trends, and many countries have now begun to recognise it. IMF recently released a video in August 2020 with a neutral approach, and the footage mostly explained about cryptos.
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The reasons that contributed to the bitcoin rally are - PayPal enabling buying and selling of cryptos for its millions of customers, US hedge funds combining crypto assets to their balance sheets, DBS Bank planning to offer crypto trading services.
Against the backdrop of the pandemic and global recession, the rise of bitcoin seems sustainable.
The recent slump in bitcoin has not affected the enthusiasts and traders as the market is mostly bullish. Also, considering the volatile nature of the cryptocurrencies, some fall here, and there should not be of much concern.
Market experts are looking at the recent trends as a healthy correction as after reporting consecutive gains; a healthy pullback was needed and natural. It is not making the investors worried at this stage.
Australia eyes growth in blockchain technology
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In the age of technological advancement, the Australian government is spending USD 575 million on technology, including bitcoin's underlying technology blockchain to improve pandemic recovery.
Andrew Bragg, senator for New South Wales, is also a firm believer in the blockchain technology as he opines that it can aid in facilitating government processes and regulate financial regulation more efficiently.
The Australian government has given AUD 350,000 to Standards Australia for developing international blockchain standards. As a growing industry, it has the potential for job opportunities; however, this also requires skill-based professionals to lead the development.
Other than Australia, UK, UAE, Netherlands, Singapore, and China are also recognising the potential of the blockchain technology and adopted a broad approach towards it and encouraging its development.