Bitcoin seems to have gotten itself out of the gutter if the price action of the last two weeks is anything to go by. Earlier, investors jumped into the opportunity to exploit the lowest levels in value of the crypto to make profits.
According to analysts, Bitcoin increased in value by an impressive margin of 13 percent to hit the $54,000 – the rally was considered to be the highest gain since the beginning of second month of 2021.
A quick look of the Bitcoin rally reveals that the price action coincided by notable industry developments that possibly increased investor confidence in the virtual asset. JPMorgan Chase joined the league of seasoned industry leaders that seem to be taking the crypto seriously.
Reportedly, the global leader in financial services is creating room for an actively facilitated Bitcoin fund to the benefit of a number of its clients over the coming months. The unconfirmed reports, along with a host of other events across various sectors, saw the Bitcoin cryptocurrency reverse its two-week woes that had driven its price downwards.
A number of observers have also attributed the Bitcoin rally to a tweet by Elon Musk, the billionaire entrepreneur that has long been considered a significant influence on crypto prices in the past.
Commentators believe that the Tesla founder was referring to virtual assets when he posed “What does the future hodl?” – the expression is typically used by crypto supporters in reference to a situation of “holding on to dear life” as observed in people making crypto purchases and holding their investments.
The events that followed the Elon Musk phenomenon reflected on Tesla’s quarterly reports, which showed that the company made a Bitcoin investment worth $1.2 billion in its first quarter and profited $101 million after selling it in the same season.
Musk had claimed that their February crypto investment and announcement about Tesla’s crypto adventure made significant contribution to Bitcoin’s performance that catapulted itself into a red-hot rally.
Quite interestingly, Bitcoin was not the only asset that made gains in the same period. It turns out that crypto-exposed stocks also advanced in value. Monex Group, Remixpoint Inc., Ceres Inc., Coinbase Global Inc. and Riot Blockchain Inc. were some of the stocks that registered significant gains.
What Are the Prevailing Challenges?
Overall, Bitcoin has enjoyed endorsements to sustain an 80 percent year-to-date gain as global powerhouses embrace it – organizations such as Goldman Sachs Group Inc. and Bank of New York Mellon are some of the big players that have given positive acknowledgement of the cryptocurrency.
Nonetheless, the crypto industry is still knee-deep in uncertainty. The initial stock offering of the first crypto exchange to go public happened at the same time when the Bitcoin price had surged. The Bitcoin price, along with that of other cryptocurrencies, took a dip after investors became wary of reports concerning possible hikes in capital gain taxes as recommended by President Joe Biden.
In addition, the Turkish government may have also affected the crypto market negatively after sending out threats that it would ban its citizen from using Bitcoin and all other forms of virtual assets for financial transactions – however, the country’s central bank recanted its earlier statement.
Taxation is also another challenge being faced by bitcoin and its crypto counterparts. The stumbling block is especially pronounced in the U.S. where the Internal Revenue Service (IRS) chose to consider cryptocurrencies as property. Such a ruling means that any investor who makes profit off selling cryptocurrency would be subjected to capital gains taxation with each transaction.
Otherwise, despite all the challenges, we can only wait to see how cryptocurrencies will sail into the future.
Bitcoin seems to have gotten itself out of the gutter if the price action of the last two weeks is anything to go by. Earlier, investors jumped into the opportunity to exploit the lowest levels in value of the crypto to make profits.
According to analysts, Bitcoin increased in value by an impressive margin of 13 percent to hit the $54,000 – the rally was considered to be the highest gain since the beginning of second month of 2021.
A quick look of the Bitcoin rally reveals that the price action coincided by notable industry developments that possibly increased investor confidence in the virtual asset. JPMorgan Chase joined the league of seasoned industry leaders that seem to be taking the crypto seriously.
Reportedly, the global leader in financial services is creating room for an actively facilitated Bitcoin fund to the benefit of a number of its clients over the coming months. The unconfirmed reports, along with a host of other events across various sectors, saw the Bitcoin cryptocurrency reverse its two-week woes that had driven its price downwards.
A number of observers have also attributed the Bitcoin rally to a tweet by Elon Musk, the billionaire entrepreneur that has long been considered a significant influence on crypto prices in the past.
Commentators believe that the Tesla founder was referring to virtual assets when he posed “What does the future hodl?” – the expression is typically used by crypto supporters in reference to a situation of “holding on to dear life” as observed in people making crypto purchases and holding their investments.
The events that followed the Elon Musk phenomenon reflected on Tesla’s quarterly reports, which showed that the company made a Bitcoin investment worth $1.2 billion in its first quarter and profited $101 million after selling it in the same season.
Musk had claimed that their February crypto investment and announcement about Tesla’s crypto adventure made significant contribution to Bitcoin’s performance that catapulted itself into a red-hot rally.
Quite interestingly, Bitcoin was not the only asset that made gains in the same period. It turns out that crypto-exposed stocks also advanced in value. Monex Group, Remixpoint Inc., Ceres Inc., Coinbase Global Inc. and Riot Blockchain Inc. were some of the stocks that registered significant gains.
What Are the Prevailing Challenges?
Overall, Bitcoin has enjoyed endorsements to sustain an 80 percent year-to-date gain as global powerhouses embrace it – organizations such as Goldman Sachs Group Inc. and Bank of New York Mellon are some of the big players that have given positive acknowledgement of the cryptocurrency.
Nonetheless, the crypto industry is still knee-deep in uncertainty. The initial stock offering of the first crypto exchange to go public happened at the same time when the Bitcoin price had surged. The Bitcoin price, along with that of other cryptocurrencies, took a dip after investors became wary of reports concerning possible hikes in capital gain taxes as recommended by President Joe Biden.
In addition, the Turkish government may have also affected the crypto market negatively after sending out threats that it would ban its citizen from using Bitcoin and all other forms of virtual assets for financial transactions – however, the country’s central bank recanted its earlier statement.
Taxation is also another challenge being faced by bitcoin and its crypto counterparts. The stumbling block is especially pronounced in the U.S. where the Internal Revenue Service (IRS) chose to consider cryptocurrencies as property. Such a ruling means that any investor who makes profit off selling cryptocurrency would be subjected to capital gains taxation with each transaction.
Otherwise, despite all the challenges, we can only wait to see how cryptocurrencies will sail into the future.
Bitcoin seems to have gotten itself out of the gutter if the price action of the last two weeks is anything to go by. Earlier, investors jumped into the opportunity to exploit the lowest levels in value of the crypto to make profits.
According to analysts, Bitcoin increased in value by an impressive margin of 13 percent to hit the $54,000 – the rally was considered to be the highest gain since the beginning of second month of 2021.
A quick look of the Bitcoin rally reveals that the price action coincided by notable industry developments that possibly increased investor confidence in the virtual asset. JPMorgan Chase joined the league of seasoned industry leaders that seem to be taking the crypto seriously.
Reportedly, the global leader in financial services is creating room for an actively facilitated Bitcoin fund to the benefit of a number of its clients over the coming months. The unconfirmed reports, along with a host of other events across various sectors, saw the Bitcoin cryptocurrency reverse its two-week woes that had driven its price downwards.
A number of observers have also attributed the Bitcoin rally to a tweet by Elon Musk, the billionaire entrepreneur that has long been considered a significant influence on crypto prices in the past.
Commentators believe that the Tesla founder was referring to virtual assets when he posed “What does the future hodl?” – the expression is typically used by crypto supporters in reference to a situation of “holding on to dear life” as observed in people making crypto purchases and holding their investments.
The events that followed the Elon Musk phenomenon reflected on Tesla’s quarterly reports, which showed that the company made a Bitcoin investment worth $1.2 billion in its first quarter and profited $101 million after selling it in the same season.
Musk had claimed that their February crypto investment and announcement about Tesla’s crypto adventure made significant contribution to Bitcoin’s performance that catapulted itself into a red-hot rally.
Quite interestingly, Bitcoin was not the only asset that made gains in the same period. It turns out that crypto-exposed stocks also advanced in value. Monex Group, Remixpoint Inc., Ceres Inc., Coinbase Global Inc. and Riot Blockchain Inc. were some of the stocks that registered significant gains.
What Are the Prevailing Challenges?
Overall, Bitcoin has enjoyed endorsements to sustain an 80 percent year-to-date gain as global powerhouses embrace it – organizations such as Goldman Sachs Group Inc. and Bank of New York Mellon are some of the big players that have given positive acknowledgement of the cryptocurrency.
Nonetheless, the crypto industry is still knee-deep in uncertainty. The initial stock offering of the first crypto exchange to go public happened at the same time when the Bitcoin price had surged. The Bitcoin price, along with that of other cryptocurrencies, took a dip after investors became wary of reports concerning possible hikes in capital gain taxes as recommended by President Joe Biden.
In addition, the Turkish government may have also affected the crypto market negatively after sending out threats that it would ban its citizen from using Bitcoin and all other forms of virtual assets for financial transactions – however, the country’s central bank recanted its earlier statement.
Taxation is also another challenge being faced by bitcoin and its crypto counterparts. The stumbling block is especially pronounced in the U.S. where the Internal Revenue Service (IRS) chose to consider cryptocurrencies as property. Such a ruling means that any investor who makes profit off selling cryptocurrency would be subjected to capital gains taxation with each transaction.
Otherwise, despite all the challenges, we can only wait to see how cryptocurrencies will sail into the future.
Bitcoin seems to have gotten itself out of the gutter if the price action of the last two weeks is anything to go by. Earlier, investors jumped into the opportunity to exploit the lowest levels in value of the crypto to make profits.
According to analysts, Bitcoin increased in value by an impressive margin of 13 percent to hit the $54,000 – the rally was considered to be the highest gain since the beginning of second month of 2021.
A quick look of the Bitcoin rally reveals that the price action coincided by notable industry developments that possibly increased investor confidence in the virtual asset. JPMorgan Chase joined the league of seasoned industry leaders that seem to be taking the crypto seriously.
Reportedly, the global leader in financial services is creating room for an actively facilitated Bitcoin fund to the benefit of a number of its clients over the coming months. The unconfirmed reports, along with a host of other events across various sectors, saw the Bitcoin cryptocurrency reverse its two-week woes that had driven its price downwards.
A number of observers have also attributed the Bitcoin rally to a tweet by Elon Musk, the billionaire entrepreneur that has long been considered a significant influence on crypto prices in the past.
Commentators believe that the Tesla founder was referring to virtual assets when he posed “What does the future hodl?” – the expression is typically used by crypto supporters in reference to a situation of “holding on to dear life” as observed in people making crypto purchases and holding their investments.
The events that followed the Elon Musk phenomenon reflected on Tesla’s quarterly reports, which showed that the company made a Bitcoin investment worth $1.2 billion in its first quarter and profited $101 million after selling it in the same season.
Musk had claimed that their February crypto investment and announcement about Tesla’s crypto adventure made significant contribution to Bitcoin’s performance that catapulted itself into a red-hot rally.
Quite interestingly, Bitcoin was not the only asset that made gains in the same period. It turns out that crypto-exposed stocks also advanced in value. Monex Group, Remixpoint Inc., Ceres Inc., Coinbase Global Inc. and Riot Blockchain Inc. were some of the stocks that registered significant gains.
What Are the Prevailing Challenges?
Overall, Bitcoin has enjoyed endorsements to sustain an 80 percent year-to-date gain as global powerhouses embrace it – organizations such as Goldman Sachs Group Inc. and Bank of New York Mellon are some of the big players that have given positive acknowledgement of the cryptocurrency.
Nonetheless, the crypto industry is still knee-deep in uncertainty. The initial stock offering of the first crypto exchange to go public happened at the same time when the Bitcoin price had surged. The Bitcoin price, along with that of other cryptocurrencies, took a dip after investors became wary of reports concerning possible hikes in capital gain taxes as recommended by President Joe Biden.
In addition, the Turkish government may have also affected the crypto market negatively after sending out threats that it would ban its citizen from using Bitcoin and all other forms of virtual assets for financial transactions – however, the country’s central bank recanted its earlier statement.
Taxation is also another challenge being faced by bitcoin and its crypto counterparts. The stumbling block is especially pronounced in the U.S. where the Internal Revenue Service (IRS) chose to consider cryptocurrencies as property. Such a ruling means that any investor who makes profit off selling cryptocurrency would be subjected to capital gains taxation with each transaction.
Otherwise, despite all the challenges, we can only wait to see how cryptocurrencies will sail into the future.
