Bitcoin Shakes Off Recent Negativity and Moves Back Above $8,500

Siamak Masnavi

Around 08:50 UTC on Sunday (November 17), Bitcoin shook off some of the negativity surrounding its price by moving above $8,550 for the first time since 14:00 UTC on November 15. 

One thing that happened on November 15 that may have increased the negative around Bitcoin was the Weibo accounts of both Binance and TRON getting blocked that day.

Anyway, here is the 24-hour price chart from CryptoCompare:

BTC-USD 24 Hour Chart - 17 Nov 2019.png

Although the Bitcoin price spent much of early Sunday hovering around the $8,500 level, at 08:50 UTC, the BTC price reached $8,565, and as you can see from the above chart, currently (as of 17:19 UTC on November 17), Bitcoin is trading around $8,577, up just over 1% in the past 24-hour period.

Although Bitcoin's one-week return-on-investment (ROI) is -5.36%, its 30-day and one-year ROI figures are +7.50% and +54.86% respectively. Bitcoin's market cap dominance is 65.93%.

Earlier today, Chris Burniske, a partner at crypto-focused venture capital firm Placeholder, said that he expected in the long term to see Bitcoin be used much more for collateral purposes than for payments:

He then posted some more tweets to explain. In short, Burniske believes that, in general, people want to hold deflationary-supply assets, such as Bitcoin, because "part of the promise of those supply curves is they should store value well." 

He then said that Bitcoin should "lean into this":

Here is how Burniske envisions the future for BTC and ETH:

 

Featured Image Credit: Photo via Pexels.com