Bitcoin, the world’s first and largest cryptocurrency, is slowly becoming an integral part of the economy. Perhaps this can be attributed to its worldwide reach. For the same reason, it has become impossible for the value of Bitcoin to be regulated by any firm, organization or government. Just like every other currency, the value of this cryptocurrency depends on various factors. Any fluctuation in the value of one of the factors directly impacts the value of Bitcoin.
Currently, the value of Bitcoin is determined in terms of its exchange rate with other currencies around the world.
Major factors responsible for the variation in the value of Bitcoin include:
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