• Bitcoin (BTC) has increased by almost 287,000% since 2011 and the British Pound Sterling (GBPUSD) is 11% away from its all-time low.
• Chancellor Jeremy Hunt has proposed a new digital pound as a “trusted and accessible” payment method and hoarding of Bitcoin may be banned due to bank run fears.
• CryptoSlate analyzed on-chain and macro data to present both sides of the argument regarding whether Bitcoin is poised for a new low or if the bottom has been set at $15,500.

The Rise of Bitcoin

Bitcoin (BTC) has increased by almost 287,000% against the US dollar since 2011, making it one of the most lucrative investments of this decade. In comparison, the British Pound Sterling (GBPUSD) has only declined by 50%, with it currently being 11% away from its all-time low of 1.08.

Digital Currency Regulations

Chancellor Jeremy Hunt has recently proposed introducing a new Digital Pound as a “trusted and accessible” payment method in order to increase adoption among consumers. Additionally, according to reports under Sunak’s digital currency regulations, hoarding ‚Bitcoin‘ may be banned due to concerns over potential bank runs further down the line.

Bottom in Cycle?

CryptoSlate conducted an analysis into on-chain and macro data in order to provide readers with both sides of the argument regarding whether Bitcoin is poised for another low or if the bottom had already been set at $15,500. The analysis found that while there are some signs that suggest we could see further declines in BTC prices, there are also indicators that point toward a market bottom having already been reached.

Risks Involved

Buying and trading cryptocurrencies should always be considered as high risk activities due to their volatile nature and lack of regulation within this sector. Therefore, it is important for investors to conduct their own research before taking any action related to content within this article or any other cryptocurrency related news source.

Conclusion

In conclusion, while there are still risks involved when investing in cryptocurrencies such as Bitcoin or Ethereum, these risks can be mitigated through careful research prior to making any trades or investments into these digital assets. Furthermore, given BTC’s impressive growth rate over this decade compared to traditional fiat currencies like GBPUSD suggests that cryptocurrencies could have tremendous upside potential when it comes time for mainstream adoption in mainstream finance circles