Japan celebrated the enthronement of its new emperor, Naruhito, with a festival in Tokyo on Saturday. It is not yet known whether the new emperor owns any bitcoin.
Bitcoin Price: Consolidation And Retracement
A week of consolidation for BTC price this week, whilst people were still arguing over what caused the ‘Xi’ pump of two weeks ago. Outflows from Bitcoin exchanges have overtaken inflows in recent weeks, suggesting a potential renewed HODLing period.
The first part of the week saw modest gains with price pushing for but not quite reaching $9500 on global markets. One exception was in Argentina, where stricter capital controls have seen premiums on local exchanges, with the price hitting $11.6k.
According to an alternate take on the stock-to-flow method, we may have to wait until after next year’s halving for a new all-time high. Certainly price seemed quite happy to trade sideways… for a while.
Then on Thursday, bitcoin price began to dip, developing into a $500 crash on Friday. Crypto Twitter took a decidedly bearish turn, although some suggested that this was unwarranted. Certainly, price has continued to trade sideways at around $8800 since the drop.
To finish on a bullish note, crypto-stalwart Bobby Lee threw his hat into the $1 million bitcoin prediction ring. According to Lee, the figure will be reached in about 5 to 10 years, after two more bubbles.
Getting On The Bitcoin and Digital Currency Train
No further news of China’s state-backed digital currency this week, but we did find out that Turkey could possibly beat it to the punch. Plans for a digital Lira are well underway,