Bitcoin is a highly profitable cryptocurrency, but, at the same time, it is highly volatile too. In the last year, bitcoin has gone through several fluctuations, but it has also helped users earn a massive amount of profits. You can click on the Bitcoin Mastery to start trading bitcoins and earn profits. According to some reports, Americans have earned over $4 billion with bitcoins. You can read below to learn more about this news and better understand what is going on in the crypto world.
Bitcoin made traders rich in America.
Bitcoin has gone through some massive fluctuations in the last few months, and it has made traders face some massive losses. But you will be shocked to know that if we have a look at the last year, the bitcoin investors and traders in America have earned over $4.1 billion of profits. It is almost three times more than the second-highest country in the list of bitcoin profits. There was a list of top 25 countries which earn the maximum profits from bitcoin, and America was at the top of it. Several rumors and the increasing popularity of bitcoins have attracted investors and traders from all over the world. Along with America, several other countries saw a massive increase in the profits coming in from bitcoins in the past year. US investors made the most out of the situation and earned maximum profits from bitcoin.
China is just behind America in profits.
China closely follows America in the list of bitcoin profits earned by countries. China earned around $1.1 billion and is followed by other countries such as Germany, Russia, UK, Japan, etc. All the profit estimates are made using the tracking transaction data as bitcoin is decentralized, which makes it almost impossible to track the transactions and know where the deals were done, and transactions happened. The hype about bitcoin rose to the sky in the last year as several investors endorsed and supported bitcoins which made the bitcoin price touch $29000.
In the year 2021, bitcoin started rising from the initial months itself and reach the whopping price of $60000. But the month of May brought a massive downfall for the investors as the bitcoin market crashed. The primary reasons behind the crypto market crashed that occurred in mid-May were Elon Musk and the change in China’s policies related to cryptocurrencies. Bitcoin’s price recently fell by 4% and reached $33000.
Bitcoin witnessed a sudden increase of 8%
Amid rapid price fluctuations, bitcoin went up by 8% on 10th June and reached $36700. Bitcoin went through several fluctuations this year but also showed a strong recovery as currently, it is 30% above the current year’s low of $27734 that occurred on 4th January. Bitcoin is the biggest cryptocurrency in the market, and any change in its price also affects other cryptocurrencies. So, after bitcoin increased by 8%, other cryptocurrencies such as Ether which is also based on blockchain technology, also went up by 2.29% and reached $2566.
The rise in bitcoin’s price came after the Central American country El Salvador legalized bitcoin and adopted it as their local currency for day-to-day transactions. After the announcement came from El Salvador authorities, bitcoin’s price went up, and along with that, another major cryptocurrency also faces some growth as all of them are connected to bitcoin in some way.
El Salvador legalises bitcoin
The latest news on bitcoin is that El Salvador, which is a country located in Central America, has legalized bitcoins. The economy of the country is highly dependent on remittances from all over the world. The country has been using the US dollar as its official currency for several years, but now it has adopted bitcoin also. The country’s president stated that they had adopted bitcoin as the local currency, but it will not replace the dollar completely. Instead, both of them will be used alongside, and the citizens will have the option to use any of them according to their preferences. The government is also planning to purchase bitcoins in bulk, and it will be made possible by using $150 million dollars from the BAND SEAL, which is the development bank of the country.