Bitcoin, the world’s largest cryptocurrency, has found another supporter in Edward Snowden, a former employee of the National Security Agency. Snowden reports that Bitcoin has risen more than 1,000% since March 2020 despite the cryptocurrency ban in China.
“Sometimes I think back and wonder how many people bought Bitcoin in March 2020. It has gone up 10fold since then, despite a coordinated global campaign by governments to undermine public understanding and support for cryptocurrencies. China even banned it, but only made Bitcoin Stronger,” Snowden stated Twitter.
In March 2020, Bitcoin reached a low of around $5,000. Since then, the world’s most valuable digital asset has gained immense popularity among individual and institutional investors, resulting in a nearly 1,000% jump in the past 18 months. BTC is currently trading above $47,500 with a market capitalization of around $900 billion.
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Bitcoin has overcome major hurdles over the past 12 months. Earlier this year, China announced a complete ban on cryptocurrency, including crypto-mining, in the country. As a result, the bitcoin mining hash rate has fallen by more than 50%. However, the recent recovery in the bitcoin mining rate has pushed the total mining revenue to a record high.
Bitcoin price action
After a difficult September, Bitcoin started October with a huge rally. BTC touched a high of over $49,000 on October 3 while Ethereum reached $3,480. Commenting on the latest cryptocurrency price movements, Simon Peters, market analyst at eToro, said: “Cryptocurrency prices struggled until the end of September, failing to make gains for most of the month or even hold out in some cases. However, major crypto assets rebounded during the holiday. weekend on the back of positive comments from SEC’s Gary Gensler.”
“Bitcoin had a strong week, despite dropping below $42,000 at the end of September. The arrival of October saw the price of the crypto-asset soar over the weekend. It is now trading at just under $48,000. Likewise, Ether has seen a rally at the beginning of the year. October, where it traded lower to $2,800 at the end of last month. ETH jumped over the weekend, traded higher and is now around $3,350,” Peters added.