The Bitcoin has once served as a speculative object, it seems. After breathtaking price jumps and wild fluctuations such as during the hype phase in late 2017 and the nerve-wracking descent in 2018, he has been in a tight sideways trend since the beginning of the year. After all, the cryptocurrency can score with completely different qualities.
Bitcoin is enjoying growing popularity as a kind of crisis currency. Several news had already pointed to this phenomenon in connection with the crisis in Venezuela. While this peaked in mid-February, Bitcoin's trading volume climbed to a record high
A recent study by DZ Bank now supports this impression. Analyst Sören Hettler examined the development of exceptional political situations such as the Brexit vote and the recent presidential elections in the US and France. The result: Two months after each of the three events, the Bitcoin was at least 30 percent above the level of a month before.
Worries about the Chinese economy or the fear of a slowdown in the US, on the other hand, would have no noticeable effect on the Bitcoin."While there is no clear direction of the Bitcoin exchange rate in the turbulence caused by the economic situation, major political events were accompanied by a significant appreciation of the cryptocurrency", summarizes Hettler in an interview with the Handelsblatt.
Brexit as a course driver?
If one follows this logic, the approaching Brexit implementation could shortly provide again impulses with the Bitcoin. The analyst also hints at this in his study. Whether this increases the general acceptance of crypro currencies, Hettler is skeptical.
Bitcoin in sideways trend
As a "safe haven", Bitcoin and Co continue to play a role, especially in regions with extreme inflation and inadequate infrastructure. In order to become attractive again to speculative investors, the Bitcoin would have to break out of its current lethargy. The interim jump over the $ 4,000 mark in the previous week has turned out to be a false signal. Crypto investors need patience.