Amidst much volatility in the cryptocurrency market, Bitcoin has once again broken past the $20,000 barrier. This marks as the highest figure since 2021, when its all-time high was $50,000. Despite this rise, many remain hesitant should stabilization in the market remain reliable.
Experts advise caution, drawing attention to the example of Tesla’s massive purchase of Bitcoin earlier this year. The cryptocurrency’s value rose sharply but its plunge wasn’t far off when 75% of the cryptocurrency was sold.
This development however has sparked optimism among the digital currency market, with a number of other digital currencies such as Ethereum also on the rise. It has previously been reported that digital currency investments must be declared and this will be the case in the coming years.
The Bank of Spain has already acknowledged this, making the provision of adequate platforms for cryptocurrency trading a reality. With Bitcoin’s large impact on the market, it will be interesting to see how the future of cryptocurrencies develops.