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Bitcoin still maintains a relatively high exchange value

The current price of the most widespread cryptocurrency Bitcoin (BTC) in this 47th week of 2023 still shows recent record values. However, the current milder decline in the price of this BTC cryptocurrency with the highest market capitalization still keeps the exchange rate against the US dollar (USD) above USD 37,000 per BTC. This mentioned BTC to USD exchange rate represents the highest exchange value of BTC in this year 2023 according to the communication of economic correspondents in connection with the analysts of brokerage companies and financial strategists of the digital currency market.

Currently, during the European Tuesday morning on November 21, 2023, at approximately 10:52 CET, the exchange rate of the cryptocurrency Bitcoin (BTC) against the US dollar (USD) was at a value of 37,348.12 USD per BTC with BTC down -0.64% against the USD for the day so far. According to analysts, this current decrease in the exchange value of BTC is mainly due to the standard selection of profits by market participants, which they achieved with the increase in the value of BTC in the last few days. However, the overall current uptick is mainly driven by news of the Bitcoin ETF and its potential approval. Also interesting is the timing of this news, which comes before the expected bitcoin halving, or the next halving of Bitcoin, which digital currency market participants expect in the spring of next year 2024, according to cryptocurrency market analysts. Bitcoin (BTC) is not the only cryptocurrency whose value has increased by tens of percent in a few weeks, and a significant increase in value could also be noted in the case of Ethereum (ETH), which is the second most popular cryptocurrency after the most widespread Bitcoin (BTC).

Bitcoin (BTC) 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 source code of the network. 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. Bitcoin (BTC) is the only asset that is successfully offsetting the global press side of the world’s central banks, according to analysts at brokerage firms involved in the virtual currency trade.

Thanks to a special database that stores an ever-increasing number of records, this technology is called blockchain, which serves as Bitcoin’s ledger. The online database is protected both against unauthorized intervention from the outside and from the users themselves. The final amount of Bitcoins is known in advance and their release into circulation is defined in its source code. A unique feature of Bitcoin is its complete decentralization. It is designed so that no one, not its author or other individuals, groups or governments, can influence, counterfeit, seize accounts, control money flows or cause inflation this currency. Bitcoin is completely independent of traditional currencies, it is not backed by gold or other commodities, but like other common currencies, its value depends on the trust that it will be possible to pay with it in the future as it is today. The value of Bitcoin is based purely on supply and demand on the market, in short-term periods the exchange rate is characterized by sharp fluctuations.


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