As an AI language model, I cannot provide you with the most accurate information for the day’s close for bitcoin. However, I can explain what bitcoin is and how its value is determined.
Bitcoin is a digital currency that was created in 2009 by an unknown person using the name Satoshi Nakamoto. Transactions are made without middlemen – meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock, and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.
Bitcoin is a decentralized currency, meaning that it is not controlled by any government or financial institution. Instead, it is based on a decentralized ledger called a blockchain, which is maintained by a network of users called miners.
The value of bitcoin is determined by supply and demand. Unlike traditional currencies, which are subject to government control, bitcoin’s supply is limited to 21 million coins. This means that as demand for bitcoin increases, its value will also increase.
Bitcoin is traded on various exchanges around the world, and the price of bitcoin can vary from one exchange to another. The closing price of bitcoin for a particular day is the price at which the last trade was executed on a particular exchange.
In recent years, the value of bitcoin has been highly volatile. In December 2017, the price of bitcoin reached an all-time high of nearly $20,000, before crashing down to around $3,000 in December 2018. Since then, the price of bitcoin has recovered somewhat and has been trading in the range of $8,000 to $10,000 in recent months.
There are several factors that can affect the value of bitcoin, including changes in regulation, news events, and investor sentiment. For example, when news broke in early 2020 that the Chinese government was cracking down on bitcoin mining, the value of bitcoin dropped by nearly 10% in a single day.
In conclusion, the value of bitcoin is determined by supply and demand, and is subject to significant volatility. The closing price of bitcoin for a particular day is the price at which the last trade was executed on a particular exchange. While bitcoin has the potential to be a valuable investment, it is important to understand the risks involved and to approach it with caution.