Bitcoin’s price has experienced a steady decline in recent weeks, with some stabilization observed recently. Currently, the price of Bitcoin is around $25,833 on eToro. The decline in Bitcoin’s performance has been attributed to factors like volatility and macroeconomic data.
At the start of the week, Bitcoin’s price was above $26,000, but it experienced volatility as investors analyzed macroeconomic data. However, once most of this data was released without significant surprises, the market stabilized.
Despite experiencing over 36% growth over the past year, Bitcoin’s performance has not been particularly exciting since June. Ethereum has also seen significant losses, with its price down by approximately 2.5%.
Bitcoin, cryptocurrency, market volatility, macroeconomic data, Ethereum, halving, transaction fees, Google Cloud, blockchain.
The market currently appears to be waiting for clear signals to determine its future direction, and it has remained relatively stable for some time.
Bitcoin’s halving process is at 85%, and it is expected to reach completion in mid-2024. Halving is a process in which the reward for mining Bitcoin is halved after a certain number of blocks are mined. It leads to a reduction in the supply of new tokens and has significant implications for market dynamics.
The Ethereum network has recently seen its transaction fees drop to their lowest level since 2023. Each transaction now requires around $1.15, a significant decrease from the high transaction costs observed in 2021 and 2022. Lower fees can incentivize increased activity and adoption within the ecosystem.
Key Factors Influencing the Cryptocurrency Market
Google Cloud has expanded its BigQuery program to include 11 new blockchain networks, including projects like Polygon, Polkadot, Bitcoin, Ethereum, and Dogecoin. BigQuery serves as a repository of blockchain data, providing programmers and developers access to a vast amount of blockchain information.
Despite recent market volatility, Google’s continued interest in blockchain demonstrates the importance of the technology and its potential applications in various industries.