It’s been exactly a year since Bitcoin (BTC) faced one of the biggest crashes in its history plummeting 50% on this very same day March 12, 2020. The COVID-19 pandemic fears sent jitters across the global stock markets as well as the crypto market.
Following it, Bitcoin (BTC) touched an hourly low of $4,130 on March 12, 2020 crashing all the way from $7,900+ levels in a single day. That day goes into the history books of Bitcoin as a Black Thursday. While some crypto critics also called it the death of Bitcoin (BTC), it has rather emerged much stronger a year later. BTC is now the first-trillion cryptocurrency and among the top-ten valued assets in the world.
Since the low levels, Bitcoin has surged a massive 1200% till now and is currently trading close to its all-time high of $58,000 levels. At press time, BTC is trading at a price of $57,041 with a market cap of $1064 billion.
Bitcoin’s Institutional And Corporate Backing
The last year’s phenomenal Bitcoin (BTC) journey has been backed by strong institutional and corporate interest in Bitcoin picking up over the last few months. Of course, we cannot forget those retail players who have been through the thick and thin of this journey. But massive institutional and corporate capital has helped to catapult things to the next level.
Business intelligence firm MicroStrategy has been one of the key drivers in raising the institutional bar for BTC. On Friday, it announced a fresh purchase of another $15 million worth of Bitcoins. So far, MicroStrategy has poured over %2 billion in Bitcoin investments.
MicroStrategy has purchased an additional ~262 bitcoins for ~$15.0 million in cash at an average price of ~$57,146 per #bitcoin. As of 3/12/2021, we #hodl ~91,326 bitcoins acquired for ~$2.211 billion at an average price of ~$24,214 per bitcoin. $MSTRhttps://t.co/QIQP30rv2q
— Michael Saylor⚡️ (@michael_saylor) March 12, 2021
Last month, electric-vehicle and automobile giant Tesla announced that it purchased $1.5 billion worth of Bitcoin exposing nearly 8% of its cash reserves to BTC. Post that a number of big corporates from Asia and Europe joined the bandwagon. Commenting on the recent price movement for Bitcoin, Matt Blom, global head of sales trading at EQUOS, told Bloomberg:
“The bears’ last stand is the $57,800 level, and it looks like we might be seeing that battle play out before the week is over. On the downside, continued selling above $57,000 will see us slip back toward $56,620 and potentially $55,000. Any move below here will be supported by dip-buying bulls and dip-buying bears alike.”
Elon Musk-Posted Bitcoin $69,000 Meme Sold for $28,000 in WETH by Author
Here’s the story of the Bitcoin and Ethereum meme posted by Elon Musk this week, which then sold for 5 WETH and is now relisted for 69.42 WETH
On October 21, Tesla CEO and eccentric billionaire Elon Musk posted a meme depicting a couple lying on a sofa and watching Bitcoin and Ethereum price on the wall monitor, which showed $69,00 for Bitcoin and $4,200 for Ethereum.
Even though, he did not mention the author, she was still happy about Musk’s attention to her “Love in The Time of Web3” meme and in two days sold it for 5 wrapped Ethereum. That’s around $19,800, according to CNBC.
Now the meme is relisted for almost 70 WETH.
Elon Musk is “the ultimate meme lord”
The person who created the meme is a self-proclaimed “hobby artist”, 28-year-old Eva Beylin. When she learned that Musk posted her meme, she told CNBC she was over the moon, adding:
“The ultimate prize of memeology is for the ultimate meme lord to use your meme”
Beylin is keen on Web3, which includes decentralized Internet apps, blockchain and things like NFTs.
The meme sold two days later, Beylin is not initial author of it
“Love in The Time of Web3” was auctioned as an NFT on Zora platform on the night Musk tweet it and two days later the non-fungible token was sold for 5 wrapped ETH (around $19,800).
Still, Beylin is not the initial author. She picked the picture of another Twitter user – @shegenerates – who posted it as a joke. To compensate them, Beylin offered them 20 percent from the NFT sale.
The aforementioned Twitter user did not mind and she told CNBC so.
Now, Beylin plans to reinvest her proceeds from the sale into NFTs of other artists. Meanwhile, the person who bought the meme posted by Musk, has relisted it for 69.42 wrapped ETH.
They promised Beylin 15 percent of the price the meme will be sold for.
El Salvador President Looking to Buy the Bitcoin Dip, But Wants a Better Discount
Bitcoin ($BTC) price recorded a minor correction over the past 24-hours, falling to a daily low of $60,122. The retrace comes just days after $BTC posted a new ATH of $66,973 on Wednesday. The price correction is now being seen as an opportunity by many to stack more $BTC.
Nayib Bukele, the president of El Salvador, the world’s first country with Bitcoin as its legal tender is also among many who wants to buy the Bitcoin dip. However, he thinks the correction is too small and might need a better discount to make the purchase.
Bukele’s interest in Bitcoin has been known the world over as he is seen as the main architect behind El Salvador’s BTC adoption. The small central American nation started buying $BTC right after it was formally inducted in September this year. They made a total of 700 BTC purchases throughout September when the top cryptocurrency was trading under $45K. At the time Bukele was criticized as their purchase value was on the decline.
As $BTC touched new ATH, El Salvador’s Bitcoin holding got into millions of profit which is now being used for building hospitals and other national projects. He also shared a photo of himself sitting on the throne depicting him as the king after BTC ATH.
El Salvador is Reaping the Benefits of Bitcoin Adoption Already
International media continues to show El Salvador’s BTC adoption in a bad light, focusing more on the protests and less on the benefits that Bitcoin adoption has given to the country. The national Chivo wallet is already being used by two-thirds of Salvadorans while the Bitcoin ATMs have been a great success too receiving millions in daily remittance.
El Salvador has also invested in clean Bitcoin mining using abundant geothermal energy available in the country. The country has already set up the infrastructure and has mined its first Bitcoin as well, thus the adoption has proven to be a great win for the financially challenged nation, despite skepticism from all around.
One Ethereum Competitor Is Showing Strength As Bitcoin Loses Ground, According to Crypto Trader Benjamin Cowen
Crypto analyst Benjamin Cowen says an Ethereum rival is showing strength as Bitcoin pulls back from its all-time high.
Cowen tells his 576,000 YouTube subscribers that AVAX, the native token for the smart contract platform Avalanche, is “weathering the storm relatively well.”ADVERTISEMENT
The 12th-ranked asset by market cap is trading at $68.28 at time of writing, up over 5% in the past 24 hours and more than 20% in the past week, according to CoinGecko.
Cowen notes that AVAX is trading well above both its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA). Taken together, the two metrics are what Cowen refers to as the “bull market support band.”
“We also have some wiggle room in the sense that we are above the bull market support band of the AVAX/USD valuation. The 20-week SMA is at $35.85 and the 21-week EMA is at $43.47. What that tells you is that Avalanche has been performing pretty well for the last several weeks.
A lot of coins are right above their bull market support band, and they haven’t been performing as well recently. A lot of these things can have some type of seasonality as the money ball just jumps around from project to project, and right now, clearly, AVAX is showing a decent amount of strength.”
Cowen doesn’t predict that AVAX will have a strong move against Bitcoin “in the next month or so,” but he does say that Avalanche can increase in value in terms of its relationship to the US dollar in the short term.