April and May have been very unpredictable months in the history of Bitcoin (BTC). In the last couple of months, Bitcoin (BTC) met its ATH value as well as the most declined value. This article focuses on the ups and downs in the market of Bitcoin in the last couple of month and related factors and will elaborate on the ongoing scenario and revival of Bitcoin (BTC) in the crypto industry as many significant figures and institution have again diverted their intention towards it calling it an ultimate and alternative financial asset. In addition, the article will discuss the interrelated movements or events which are predicting the bright future of Bitcoin and the crypto industry.
In the first quarter of 2021, Bitcoin (BTC) showed significant growth, and a greenish trend as many intuitions around the world started adopting BTC for payment purposes and few other virtual currencies like DOGE, ETH and ADA got admiration in the market and few other virtual assets merged out in the market. On the 13th of April 2021, Bitcoin recorded a new all-time high (ATH) price value that surpassed $63,000 and revolutionized the concepts of cryptocurrencies. A lot of finances turned their head toward the digital world and earned a lot. Before that, Tesla, PayPal, Visa, MMG and various others started dealing in Bitcoin (BTC) for the sake of digitalizing and expanding their businesses.
During the same month of April 2021, when cryptocurrencies were gaining significant admiration day by day, there came their fall later on. US Securities and Exchange Commission (SEC) tightened its investigating case around Ripple (XRP), China extended its lockdown, which adversely affected not only Bitcoin but also other virtual currencies as well. In addition, due to fossil fuel consumption in Bitcoin mining, Tesla stopped selling cars for BTC, and Elon Musk stepped back, keeping environmental issues that ultimately further affected the price of Bitcoin. During the second week of May 2021, Bitcoin recorded its severe downfall as the price plunged to below $30k and ETH that surpassed $4,700 slumped down to $1,800. But the 2nd quarter of 2021 is bringing catharsis to the crypto industry.
Lately, the crypto market is regaining its reputation as several countries and financial institutions are taking interest and trading over different virtual currencies. Bitcoin (BTC) has started to regain its prior worth price and right now trading at the $38k but still plugging between $35k and $40k, but expected to soon gain ATH position in the coming days as concerns are looking for possible eco-friendly BTC mining solutions.
Recently, Miami has taken great interest in Bitcoin as Francis Suarez is looking for a possible way to make Miami the centre of the crypto market and even hosted Bitcoin Conference 2021, where various crypto personalities from different parts of the world to negotiate the growth and demand of Bitcoin and crypto industry.