This morning we’re having a look at the price of Bitcoin today, why it is the price it’s at, and why it’s like a stock, only not. News this week has Bitcoin on the fritz, and not only because Bitcoin is not a stock. There’s also news that Samsung is about to get in on the game – and when a big brand like Samsung joins, you know things are about to get wild.
Several relatively major events transpired this week already – it’s only Wednesday, for crying out loud. Facebook banned cryptocurrency advertisements yesterday. There was an announcement about a set of subpoenas handed out to Bitfinex and Tether yesterday that ended up looking a lot like insider trading, also yesterday. Yesterday was also the day when Samsung was first rumored to be coming to the Bitcoin mining universe with their own ASIC chips.
On the 29th, we took a look at the massive growth in price for the one stock-worth-Bitcoin called GBTC, or Grayscale Bitcoin Investment Trust. That’s a company whose stock split into 91 pieces this week, making the price chop ramp right up. This was also the week when scam-coin Prodeum was revealed as a fraud. They stole the cash and made the dash. You’ll find these stories and more in the timeline at the end of this article.
At this moment, Bitcoin is back above $10,000 USD, but it’s not looking like it’ll be there for long. Over the weekend we saw the price of Bitcoin ramp up to nearly $12k. If the trend here continues below $9,780, Bitcoin VS USDT might be in for a shock drop. The price of Bitcoin VS USDT is the lowest it’s been since November.
For those still looking up “Bitcoin stock price” – that’s not technically correct. Bitcoin is not a stock in any sense of the word. Instead, Bitcoin is more closely related to FOREX. That is Foreign Exchange, where decentralized trading of all the world’s currencies takes place. Bitcoin is defined by its liquidity, an ever-changing valuation of its worth, and its ability to be used as a currency to trade for other commodities and coins.
While there are stocks out there today that have to do with Bitcoin and/or other cryptocurrencies, Bitcoin is not in and of itself a stock. It only looks that way. Have a peek at the timeline below and remember the clause.
This and all other articles on SlashGear should not be considered financial and/or investment advice. Seek out financial and/or investment experts before doing anything wild, crazy, or otherwise money-related. SlashGear takes no responsibility for any actions of any reader before, during, or after this article is consumed.