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Bitcoin Price Soared to ATH of Over $51K, Will This BTC Bullish Trend Reverse?

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Bitcoin is hitting new records. However, many critics of BTC maintain a position that the coin represents the biggest financial bubble in history.

The first-ever digital currency, also known as Bitcoin (BTC) has recorded yet another milestone, soaring to an all-time high of over $51K. This groundbreaking feat was attained today February 17th, as data from CoinMarketCap showed the coin is up 4.45% over the past 24 hours to $51,253.48 at the time of writing. Bitcoin has revealed its apparent uniqueness as a store of value as its price has been in an uptrend since the start of the year. Bitcoin (BTC) price has gained over 50% in 2021, signaling increased demand from both retail and institutional investors.

The involvement of Wall Street unicorns is ultimately responsible for fueling this current bull run. The latest $1.5 billion acquisition of the digital currency by electric vehicle maker Tesla Inc (NASDAQ: TSLA) has particularly influenced the price of BTC lately. Besides the Elon Musk-led company, Bank of New York Mellon Corp (NYSE: BK) is also amongst the latest financial institutions that have announced plans to offer Bitcoin services.

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Amongst the core influences of mainstream investors buying up Bitcoin is that it attaches a high level of worth to the asset which improves the public’s perception. This situation can attract even more investors.

Bitcoin (BTC) Price: Should Retracement be Anticipated?

Many critics of Bitcoin and its fundamentals have often maintained a position that the coin represents the biggest financial bubble in history. While many align with this school of thought, a more compelling case has been presented by Michael Saylor, CEO of MicroStrategy Incorporated (NASDAQ: MSTR), a known Bitcoin whale.

Saylor believes the current bull surge is different from that seen back in 2017, in which Bitcoin lost over 80% of its value after attaining an ATH close to $20,000. According to the CEO, this current price pump is being fueled by institutional demand as against the retail backing the 2017 cycle received.

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“I think bitcoin is a much more stable asset class today than it was three years ago,” Michael Saylor told CNBC’s “Street Signs Asia” program on Tuesday. “It used to be dominated by leveraged retail traders … on international markets with a lot of leverage.”

He also noted that:

“I think that starting in March of 2020, you saw institutions start to arrive, and I think in 2021 you’re going to see that trend continue. There’re enthusiasts for bitcoin as a medium of exchange,..but I personally believe that the compelling use case is a store of value.”

Based on this, the crypto space can expect more upswings in the coming days, or weeks as more institutional investors make their entry.

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Bitcoin ETFs May Speed Up Mainstream Adoption

As reported by Coinspeaker, the duo of Canadian and Australian authorities have approved their first-ever Bitcoin Exchange Traded Fund (ETF) products. ETFs offer a more regulated way for investors to gain exposure to the cryptocurrency as it is traded on the stock exchange.

NYDIG has also filed an application with the US SEC for similar approval. Despite the commission’s negative stance about a Bitcoin ETF product, expectations mount that the current embrace by US firms will sway the regulator to grant the very first of such approvals.

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Bitcoin Drops as China Declares Crypto-Businesses Illegal

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  • China declared that cryptocurrency-related businesses are illegal
  • Bitcoin, Ether, and stablecoin Tether do not qualify as legal tender in China
  • BTC drops in price as the announcement went out

Once again, China reiterated its antagonistic stance on Bitcoin and the cryptocurrency industry as a whole.

In an announcement, the People’s Bank of China (PBOC) mentioned that BTC, ETH, and USDT are not legal tenders in China. They added that these cannot be used in the currency market.

Additionally, the central bank deemed all crypto-related businesses as illegal. This includes overseas exchanges serving residents within China and derivative transactions.

Following the news, Bitcoin’s price fell by almost $2,000 as the news circulated. This has been a common pattern whenever China FUD comes out.

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Earlier, China also reiterated its stance on crypto trading and mining while testing the Digital Yuan. According to the PBOC, it will continue releasing regulatory pressure over the crypto trading industry.

Despite the negative news, many analysts remain bullish on Bitcoin and the cryptocurrency industry as a whole. According to analyst Lark Davis, this is not new and will happen again in the future.

In a tweet, Davis mentioned that “The year is 2025, #bitcoin has just corrected from 400k to 250k on China banning BTC fears.”

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Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of Crypto

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Early Bitcoin developer and co-founder of Ethereum and Polkadot, Gavin Andresen, is outlining a future where BTC rises to a staggering $6,000,000 per coin.

Gavin Andresen, who took over as Bitcoin’s lead maintainer from founder Satoshi Nakamoto in 2011, just published a new blog post detailing how BTC’s theoretical evolution could look.

Andresen describes a “possible” scenario where Bitcoin hits a price tag of $6,000,000 by 2061, transaction fees 326x higher than they are now, and the blockchain is used chiefly by whales.

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“Imagine: it is the year 2061. The BTC price is six million US dollars – equal to about a million 2021 dollars because of inflation.

Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction).

But most BTC transactions don’t happen on the BTC network. Most BTC is locked up in multi-signature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens.”

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In his scifi scenario, Andresen says those who do remain on Bitcoin’s network will be incentivized to keep it alive.

“The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders…

These whales maintain the BTC network forever. They are the miners and the transaction creators; they don’t care how high transaction fees go, because they receive as many fees as they pay.”

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However, Andresen says that by 2100, even those users would likely leave the blockchain.

“In the year 2100 the whales notice that the mining reward is basically zero… Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and the smart contract platform Cardano (ADA).

The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.

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“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.

So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”

Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.

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If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.

“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”

Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.

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“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.

So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”

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