Bitcoin continues to establish itself above $20,000, with the price hitting highs of more than $24,000 over the weekend, despite ongoing concerns about the state of the global economy. The largest cryptocurrency by market capitalisation is changing hands for $23,330 at time of writing, down 1.4% over the past 24 hours but up 6.5% since this time last week. It also means it closed July up 17%, a significant improvement on June’s 40% drop. Are we on the road to recovery?
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Other major cryptocurrencies moved in a similar pattern to Bitcoin over the weekend, with the price of Ethereum largely holding above $1,700 before dropping back to $1,630 this morning – down 0.16% over the past 24 hours and up 11% since this time yesterday.
The recovery in the crypto market follows the US gross domestic product (GDP) report on Thursday, which showed a quarterly growth rate decline of 0.9%, disappointing those who were predicting a 0.5%increase. The decrease marks the second consecutive quarter for negative GDP growth, which historically has signalled an economic recession, though there seems to be some debate as to whether this has happened yet.
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
Also Read: Bitcoin: Most Common Myths Busted
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
This article was culled from cityam.com
