The impact of traditional currencies on crypto market in 2020
07.12.2020 • Просмотров:

The impact of traditional currencies on crypto market in 2020

By bit.team

Brad Garlinghouse notes that in 2020, fiat inflation significantly affected the world of cryptocurrencies which contributed to both the adoption of cryptos and the growth of their prices.

The world of cryptocurrency will grow to unprecedented highs

Many experts predicted that in 2021 the world of cryptocurrency will grow to unprecedented highs. Brad Garlinghouse recently said that next year we will see an abundance of adoption when it comes to the growth of digital assets and the industry as a whole, as people seek to diversify their portfolios.

To this end, the chief Executive of San Francisco-based blockchain company Ripple, brad Garlinghouse, recently stated that next year we will see a lot of new solutions when it comes to the growth of digital assets and the industry as a whole, which people expect to diversify their portfolios.

He said:

“I am looking forward to 2021, when more and more companies keep cryptocurrency on their balance (diversification is the key here)”.

Brad made the comments during an interview with Julia Chatterley for CNN earlier this week, when he stated that this year has been particularly exciting for the industry. There have been numerous successes over the course of 2020, and they don’t seem to be slowing down.

As everyone well knows, the coronavirus has played a big role in why digital payments have become more popular. Many people use digital currencies as a form of payment, investment, and savings. PayPal is one of the companies that is increasingly involved in the industry.

On this topic, the CEO noted that governments around the world have played a big role in improving productivity and implementing cryptocurrencies over the course of this year.

“Many governments around the world are printing more Fiat currencies. In the United States, you see trillions of dollars in incentives, which means we are inflating the US dollar. This is also the case in other countries.”

During 2020, the cryptocurrency world has grown significantly, and people predict that this growth will only increase in the next year. The CEO continued to discuss the long-term value of crypto assets. He specifically mentioned the means of saving and utility, emphasizing:

“The long-term value of any digital asset will be determined by its utility. Utility is a means of saving, and you see this in Bitcoin and other cryptocurrencies that don’t have inflationary dynamics.”

Bloomberg predicts the Bitcoin resistance level of $50K in 2021

The Bloomberg team has published a Crypto Outlook report for December. According to the report, the $ 50,000 price zone is likely to be the main area of resistance for Bitcoin next year. In addition, $ 10,000 will be BTC support after this level was resistance in 2017.

As for the short-term price movement, the Bloomberg report explains that Bitcoin can stop at the level of 19-20K $ within a few months. At the time of writing, BTC is trading at $ 19,000 after being rejected at $ 19,600.

The last weekly close was strong at around $ 18,100, and Bitcoin, repeating a similar feat this week, will continue to be bullish as the king of the cryptocurrency.

However, if the bearish environment persists, it may find some short-term support at the 50-day moving average in the price area around $ 16,000.