The cryptocurrency market has found new momentum thanks to the recent rally that pushed the value of Bitcoin (BTC) to the $35,000 mark. The price increase not only caught the attention of investors, but also sparked a renewed interest in cryptocurrency trading, leading to a significant increase in daily exchange volumes. According to data from The Block, the seven-day moving average for spot exchange volumes across reputable platforms surpassed an impressive 24 billion US dollars (USD) on October 26, 2023, a level not seen since the end of March 2023.
Currently, during European Monday afternoon on October 30, 2023 at approximately 14:22 CET, the most widely used virtual currency Bitcoin (BTC) was trading at 34,666.50 USD against the US dollar (USD) on the Coinbase digital currency market. BTC with a +0.24% daily BTC gain against the USD so far. This exchange value of Bitcoin (BTC) was achieved in a situation where the exchange value of the US dollar (USD) still maintains a strong position on the standard foreign exchange market, but currently according to the dollar index DXY (US Dollar Currency Index) it has fallen slightly. On the indicated day and time, the value of the DXY index decreased by -0.25% of the point value and was at the level of USD 106.30 points according to this index, which compares the value of the USD with another six major world currencies, including the single European currency, the euro ( EUR). This global currency pair was thus traded at a rate of 1.060 USD per EUR with the daily strengthening of the EUR by + 0.37% against the USD.
Bitcoin is an internet open-source P2P payment network and also the cryptocurrency used in this network. The main uniqueness of Bitcoin is its full decentralization; it is designed so that no one, not the author or other individuals, groups or governments, can influence the currency, counterfeit it, seize accounts, control money flows or cause inflation. There is no central point in the network, and no one who can make decisions about the network. The final amount of bitcoins is known in advance, and the release of bitcoins into circulation is defined in the network’s source code. Payments take place on the network at minimal or no cost. The network has been operating since 2009, where it was described and created by a group of people signed as Satoshi Nakamoto.
The basis for the creation of Bitcoin were the concepts of “Bit gold” and “b-Money”. Now there is an official software client for payments, which is maintained by volunteers from all over the world, and several alternative clients. Since 2011, Bitcoin, the economy, the possibilities and Conferences are organized around the world on the consequences of this currency. In September 2012, a non-profit company, the Bitcoin Foundation, was established to take care of the infrastructure around Bitcoin, by monitoring threats and possibly improving the protocols, arranging conferences and promoting the currency. However, due to the decentralized nature of the network, the foundation has no special power, because the majority always decides in the network. The non-profit organization Apache Software Foundation started accepting sponsorships in Bitcoins in 2014. According to analysts, BTC is currently expected to reach the $35,000 per BTC mark, which is considered supported.