Bitcoin Prices and Adoption Offer Interesting Contrast

VYSYN Ventures Weekly Insights #78 — Investors are optimistic about the cryptocurrency’s future

Bitcoin struggles to climb above $50,000

After reaching an ATH of $69,000, Bitcoin embarked on a pullback that was originally expected to be minor and short-lived. After several weeks, the pullback has sustained itself with price action showing that the bulls and the bears are in a struggle to move price in either direction.

Economic data and events hurt Bitcoin prices

Economic reports and releases have also played a role in Bitcoin’s current price fluctuations. Reports from the United States revealed inflation at a whopping 6.8% in November 2021, the highest that the U.S. has recorded in the past 40 years. Outside the U.S., the potential debt default by Chinese real estate giant Evergrande has also sent investors into panic mode.

Fundamental factors look good for Bitcoin

One of the factors that measures the growth and stability of Bitcoin is the Bitcoin hash rate. This is the sum of the computational power that is generated by miners across the Bitcoin network. In the aftermath of China’s ban on Bitcoin and cryptocurrencies earlier in the year, many mining rigs were shut down.

About VYSYN Ventures

VYSYN Ventures is a longstanding venture capital company that specializes in funding and supporting disruptive startups in the blockchain and cryptocurrency industry. We have provided early-stage support to several projects that have grown to USD market capitalizations of hundreds of millions and even billions. Our incubation program focuses on providing capital allocations, versatile marketing support, and tech assistance.

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VYSYN VENTURES

VYSYN VENTURES is a premiere venture capital firm focused exclusively on blockchain technology and the digital currency ecosystem. www.vysyn.io / hello@vysyn.io