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Why Is The Price Of Bitcoin Falling Yet More People Are Bullish On Its Rise?

Written by: Coinpedia

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Coinpedia

Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

    May 6, 2022

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    The bitcoin price has fallen from $48,000 to $43,000 in just the last week or two. We can now see on the international digital currency exchange Gate.io that bitcoin is currently trading at $43,397, down 7.8% in the last 7 days and 4.3% in the last 24 hours.The 24-hour trading volume is $32,825,803,765.

    This price is quite a bit lower than the bitcoin that rose at the end of March, but now many people are predicting that the price will break 50,000 and are very excited to see where it goes from there. Why is this happening?

    Bitpay Supports Payment Transactions Using Bitcoin

    Bitpay, one of the world’s largest cryptocurrency payment platforms, announced on April 6 that it has first allowed bitcoin payments via the Lightning Network (LN). Pacific Sunwear, a U.S. retail apparel brand, will be the first merchant to accept Lightning Network payments using Bitpay.

    The use and rise of Bitcoin’s Lightning Network payments will have an impact on the price and market circulation rate of Bitcoin. After that, perhaps more merchants will accept bitcoin as a payment currency.

    The Opening of a Bitcoin Hotel

    A bitcoin hotel is set to open on the coast of Portugal, which will also open a new structure for the bitcoin business model. The hostel is a homestay and gathering place where bitcoin is the only acceptable payment method.

    The hostel building competition is currently underway, and a camper has already been decided. The entire project will be implemented in early 2023.

    Such a new cryptocurrency business model will bring a new transformation to cryptocurrency and will move it closer to people’s lives.

    MSTR Software Buys 191 Million Worth of Bitcoins

    Smart software company MicroStrategy recently spent $191million on 4,167 bitcoins. The company has previously purchased a large amount of bitcoin as an investment and is very bullish on the future of bitcoin, even though it is now in a downward trend.

    Besides that, many investors are making various predictions about the price trend of bitcoin. Many believe that the bitcoin price live will exceed $50,000 in the first half of 2022.

    However, in addition to individual investors or corporate institutions, there are some countries such as those in the Middle East that have begun to accept or recognize cryptocurrencies as a method of payment for transactions.

    Nevertheless, investments in cryptocurrencies always come with a high level of risk, so please consider carefully before investing.

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    Coinpedia

    Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

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