Bitcoin witnessed some profit booking as it fell more than 1% but managed to retain around 34,000-levels, while Ethereum was also seen in red, slightly lower, and remained around $1,800-levels.

Bitcoin and other cryptocurrencies took a breather on Friday ahead of the weekend’s lack of events. However, a slowdown in the digital asset market was expected following a significant gain in the previous few days. Analysts expect buying enthusiasm to stay in the digital asset market in the coming days.

Bitcoin experienced some profit booking as the largest crypto asset fell more than 1% but managed to stay around 34,000 levels. However, its greatest peer, Ethereum, was also in the red, somewhat lower, and remained below the $1,800 mark. The vast majority of altcoins were trading with cuts.

The cryptocurrency market appears to be cooling off after a seven-day rise. With a score of 70/100, the crypto fear and greed index is likewise firmly into the greed zone, indicating bullish feelings among crypto investors. The broader crypto market has reacted similarly and appears to be cooling off following the rise.

In related news, Deutsche Bank and Standard Chartered’s SC Ventures are testing UDPN, a system that allows blockchain, stablecoins, and CBDCs to connect in the same way that SWIFT does in traditional banking. UDPN connects blockchains, implements digital identification standards, and allows for controlled transactions.

The bulk of popular crypto coins were trading down on Friday, with a few outliers. Polkadot fell more than 3%, while Toncoin, Polygon, and Chainlink each fell 2%. Among the gainers, Solana and BNB each gained nearly 1%, while Dogecoin rose somewhat.

The worldwide cryptocurrency market cap was trading much lower, down to $1.26 trillion, after losing more than 1% in the previous 24 hours. However, total trade volumes fell by nearly 7% to $46.88 billion.

According to Satoshi Nakamoto’s white paper “Bitcoin: A Peer-to-Peer Electronic Cash System,” published in 2008, Bitcoin was designed in reaction to faults in the traditional financial system. The major objective for Nakamoto was to create a decentralised digital currency that runs on a peer-to-peer network, eliminating the need for intermediaries such as banks or governments. Bitcoin seeks to enable secure, transparent, borderless transactions while addressing concerns about the “double-spending problem” (in which the same digital token is spent multiple times).

Regardless of your position on Bitcoin, it’s difficult to deny that it hasn’t been a flaming success and has probably blown up more than Nakamoto ever imagined. For example, the first known exchange of Bitcoin for dollars occurred in late 2009, with one Bitcoin valued at $0.00099. Today, that figure has risen to $35,000 per coin, and if Bitcoin were a company, it would rank among the top ten in terms of market capitalization ($668B USD). Today, we will do our best to present objective arguments and statistics in support of Bitcoin as a money or store of value:

Arguments in Support of Bitcoin as a Currency

Bitcoin supporters emphasise the currency’s ability to disrupt the established banking system. They contend that Bitcoin transactions are faster, cross borders, and have lower transaction fees than traditional banking systems or international money transfers. Citizens in hyperinflationary countries are increasingly utilising Bitcoin as an alternative money, according to evidence. Did you know Bitcoin’s price has reached an all-time high in comparison to three hyperinflationary countries? (Nigeria, Turkey, Argentina) This is impressive given that Bitcoin is still far from its all-time high of $69,000 versus the US dollar.

Arguments for Bitcoin as a Store of Value

Bitcoin supporters say that it functions similarly to gold as a store of value. Bitcoin’s advantages include its limited supply (only 21 million coins will ever exist) in comparison to traditional currencies, which may be manufactured in endless quantities, resulting in inflation. Proponents further say that the scarcity of Bitcoin and the decentralised nature of blockchain technology make it a trustworthy store of value. Despite geopolitical tensions, widespread global inflation, and market volatility, Bitcoin is up more than 100% in 2023. Bitcoin has previously not only survived, but thrived in conditions such as the 2008 Global Financial Crisis and the 2020 Covid-crash. Bitcoin and gold (both widely regarded as the primary store of wealth) have decoupled from equities markets and gained gains in recent months.

The Bitcoin bull run is about much more than the hoopla surrounding a prospective ETF approval. Bitcoin is becoming more than just a trading vehicle; it is also becoming a real-world currency and a store of value.