The price of Bitcoin hit the roof by reaching the $10,000 mark. This is after a report that banks’ regulator in the United States has approved cryptocurrency custodial services for banks in the country.
According to crypto traders, this new development is a step closer to the mainstream based on the market outlook.
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Bitcoin, cryptocurrency most dominant coin, breached the $10,000 level and hit $10,972.40 this afternoon 28 July as at 13:22 GMT+1 on Tuesday.
It is said by experts that a sustained break of $10,519 resistance level is needed to validate bullish resumption. Given the black swan, investors are doubting the possibility of buyers’ ability to sustain the upsurge above $10,519.
The crypto market still needs outside capital to sustain the recent bullish run above $10,519 resistance levels.
However, global uncertainty due to COVID-19, the tension between the United States and China and the fact that cryptocurrency is not a mainstream asset yet remains a stumbling block to that resistance level.
What To Know About Bitcoin
Bitcoin is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
However, transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
The price of bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets.
Consequently, keeping your savings with Bitcoin is a high-risk asset. However, experts have it that you should never store money that you cannot afford to lose with Bitcoin.
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Are Bitcoin Payments Reversible
A Bitcoin transaction cannot be reversed, it can only be refunded by the person receiving the funds. This means you should take care to do business with people and organizations you know and trust, or who have an established reputation.
However, businesses need to keep track of the payment requests they are displaying to their customers. Bitcoin can also detect typos and usually won’t let you send money to an invalid address by mistake. However, it’s best to have controls in place for additional safety and redundancy.
Additional services might exist in the future to provide more choice and protection for both businesses and consumers.
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