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The price of Bitcoin is showing signs of recovery, after two disappointing weeks that have erased up to 17% of the value of cryptocurrency.
Wednesday morning, the value of a bitcoin was up 9% over the previous 24 hours, to reach a value of $ 4,050 at the time of writing this article. As usual, the other cryptographic currencies followed the approximate evolution, with a rise of 7.7% of XRP, 10.1% for Ether and 5.3% for Bitcoin Cash.
This is the biggest daily increase in Bitcoin since July, but it should be noted that cryptocurrency also appeared after the end of the weekend tumble which resulted in a 82% drop from the peak of $ 20,000 recorded a year ago.
Crypto-currencies such as Bitcoin are "exploited" with the help of powerful computers that compete to win games that essentially consist of guessing the numbers, each trick being more and more difficult. This process is expensive in terms of computing power and electricity usage – hence the shocking impact of Bitcoin on the environment – and the virtual part is now firmly in the area where miners can not. not be interested in continuing to create it.
Earlier this year, various analysts have estimated that the miners' break-even point equals a Bitcoin value of around $ 8,000. Before the last crash, cryptocurrency had been hovering around $ 6,000 for some time. She has been in the danger zone for a while.
However, Mohamed El-Erian, chief economic advisor of Allianz, said at a conference on Tuesday that he thought crypto-currencies were there to stay despite the current crisis and the associated setbacks of retail investors.
"I think that crypto-currencies will exist, that they will become more and more widespread, but that they will be part of an ecosystem. They will not be dominant as believed by some of the early users, "El-Erian said, according to Reuters.
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