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The massive decline in the price of Bitcoin caught the attention of the media and everyone in the world. Bitcoin being the pioneer and the first successful cryptocurrency plummeted after reaching an all-time high of $63,000 this April to around $30,000. As expected, once bitcoin starts plummeting, most altcoins follow suit.
Bitcoin’s volatility was fully witnessed when it dropped by 29% in May after China banned banks and financial institutions from facilitating crypto transactions. This is one among many other factors that caused the dump. Such sudden swings in cryptocurrencies raise questions about the risks and viability of crypto investments.
In line with this, let’s discuss the factors that can influence the price of Bitcoin i.e. factors that can make the price rise and fall, and how to protect your portfolio in the bear market.
You can also find out more information about the crypto crash.
Factors that influence the price of Bitcoin
We need to understand that in the crypto space, demand and supply are the most crucial factors. The higher the demand for Bitcoin or the higher the number of people buying Bitcoin, the higher the price. Conversely, the higher the supply or the higher the number of people selling their Bitcoin, the lower the price goes.
Every other factor is only influencing the demand and supply which will concurrently affect the price of the coin. Several factors can influence demand and supply, some of which we will examine in this article.
- Mass media
One important factor is the mass media. The media has the power to drive the adoption of a coin with the news they share.
The media can drive mass acceptance of an asset by simply talking about it, telling us the advantage of crypto, and build the confidence of people. In this case, when the mass media talks positively about Bitcoin, the number of people that will want to buy Bitcoin in Nigeria and every other part of the world will increase and this would eventually drive the price up. When the media talks down on a coin, FUD sets in, and people begin to sell off their coin thereby causing a reduction in its price.
- Government Regulation
People naturally have confidence in the government. Whenever the government has a reservation about something, it might be because the government isn’t convinced about how it will benefit its citizens or perhaps isn’t convinced about the effect of that thing on the economy at large. If the government of Nigeria for instance should adopt Bitcoin, Nigerians will adopt it in mass.
Countries have adopted bitcoin and allow the use of cryptocurrency for trading and carrying out a transaction. That alone increases the number of people that are willing to buy Bitcoin in the country. Conversely, if a country should issue a ban on cryptocurrency, the number of its citizens that will sell their Bitcoin will increase causing its price to decrease.
Nigeria, for example, hasn’t adopted the use of Bitcoin for now but they are trying to create their own CBDC which when is finally out, will drive the adoption of cryptocurrency up and the number of people that will buy Bitcoin in Nigeria will increase.
- Celebrity Adoption
The influence of celebrity adoption cannot be over-emphasized. The effect it can also play on the market cannot be overlooked. If we can recall vividly, Bitcoin price falling from around $63,000 to around $30,000 was triggered by what Elon musk said about the power consumption of Bitcoin mining. Elon who is the world’s richest man and a very influential person in the field of innovation and technology talked down on Bitcoin because of the energy it consumes, he referred to the effect it can have on the environment and that had a very significant negative effect on the price.
When celebrities and influential people adopts Bitcoin it has a positive effect on the number of people adopting it and will cause an increase in its price. The news of a popular celebrity buying Bitcoin or using it for a transaction will make people comfortable using it and the number of people that will buy Bitcoin will increase.
- China factor
Following the directive that Chinese banks should stop facilitating crypto payments because of their volatile nature, Bitcoin dumped below $31,000. Other cryptocurrencies followed suit. This is not the first time crypto regulations in China would affect the price of bitcoin.
- Breach in security or scams
Another necessary factor to note here is the breach in the security of exchanges. When hackers hack platforms where people go to buy Bitcoin, it has negative effects on the price and can make the price fall greatly. One thing people don’t joke about is the security of their wealth. When investors/traders find out the go-to crypto exchange platform has been hacked, they liquidate their portfolio on the exchange and sell-off.
How to protect your portfolio in a bear market
The crypto market is made up of two periods – the bull market and the bear market. The bull market is a period when there is an expected increase in price and a bear market is a period of decrease in the price of the cryptocurrency. These two periods are inevitable, and you need to be very wary of the bear market because it can break you. To protect your portfolio in a bear market:
- Don’t sell at a loss.
- You can buy more if you have the money so when the bear period is over and the bull takes over you will quickly recover your loss.
- Diversify your investment into many assets.
- Invest in assets that can survive the bear market and bounce back
With this piece, we have been able to cover factors that can make the price of Bitcoin fall and rise. However, if you need an exchange where to buy Bitcoin in Nigeria with little fear of losing your money to scams or hackers. Visit Remitano
Author:Content Partner
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iPhone facial recognition camera, aka Face ID, is built into certain Apple iPhone models to provide secure unlocking of the device. For Face ID to work, it requires you to point the camera at your face. If the face is identified as matching the stored data, the phone is unlocked.
However, beyond working as a tool for security, you also want to know if this can be used to spy against you. After all, anything that can be used to recognise you is potentially a dangerous tool; right?
How secure is the Apple iPhone facial recognition camera system – Face ID?
The world got the first taste of the iPhone facial recognition camera in 2017 with the launch of the iPhone X . Apple says it uses 30,000 points of reference to map out a user’s face. Pretty cool, futuristic stuff.
Facial recognition has been studied and experimented with as a means of tracking and surveillance for years. while the technology is relatively new to smartphones, it has existed outside of the smartphone world.
Police departments and higher level government security agencies have been using facial recognition scans to identity wanted persons. Now, with the iPhone facial recognition camera, individuals are actually carrying around a device that can potentially do the same.
Apple assures users that the facial ID data that your iPhone collects is secure and not accessible by anyone, Apple staff included. But there is the question of what Apple would do should the government, for example, issue an order requesting them to scan for certain profiles or targets.
Well, they can’t comply with such an order, because the iPhone facial recognition data is not stored on Apple’s servers or any other server. It is stored on the phone itself. Apple does not have access to it. And it is completely encrypted as well.
For anyone to spy on you with the iPhone facial recognition camera system, they would first have to steal your iPhone and hack it, then find a way to decrypt the information. Errrr….that’s not a very elegant procedure. Unless you have access to nuclear launch codes, no-one is going to go to those lengths to access that data.
Of course, the government already has the capacity to track you via your iPhone and other mobile devices by accessing the regular camera remotely, so they do not really need the iPhone facial recognition camera system for this.
How safe is the iPhone facial recognition camera?
In summary, Face ID is quite secure and safe to use. There is little chance that it can be used to spy against you, so you shouldn’t get worried about having a phone with a facial recognition camera. If government wanted to track you via your phone, chances are that they are already doing it, Face ID or not.
If you want to buy an Apple iPhone X or other device that supports Face ID but are concerned about the facial recognition camera, don’t worry your head. Go ahead and enjoy your new phone.
iPhone and iPad models that have facial recognition camera
The iPhone X is not the only Apple product with Face ID. The following iPhones and iPads all have the iPhone facial recognition camera system and so support Face ID.
- iPhone 12 Pro Max
- iPhone 12 Pro
- iPhone 12 mini
- iPhone 12
- iPhone 11 Pro Max
- iPhone 11 Pro
- iPhone 11
- iPhone XS Max
- iPhone XS
- iPhone XR
- iPhone X
- iPad Pro 12.9-inch (4th generation)
- iPad Pro 12.9-inch (3rd generation)
- iPad Pro 11-inch (2nd generation)
- iPad Pro 11-inch
Author:Mister Mobility
Digital Skills and Communication Coach | Mobile Phone Connoisseur since 2001 | Tech Blogging since 2004
