The Bitcoin price has surpassed the record high of $60,000 amid dramatic market events that have been described as a rally to crypto excellence – with notable global organizations and financial powerhouses moving in to adopt virtual assets.
The world’s biggest cryptocurrency by market cap is reported to have reached the $60,415 mark after recovering from a February dip that had followed a precious price high at the start of the year.
Crypto experts have noted a 963% increase in Bitcoin’s value over the last one year, with the crypto registering a two-time record high of $1 trillion in market valuation this 2021.
According to Bitcoin fans, recent events that have begotten the latest rally can be attributed to a worldwide increase in demand for virtual assets by institutional leaders. The fueled demand can be seen to differ from past experiences where the Bitcoin price rose to about $20,000 at the end of 2017 before tanking to lost most of its value by the following year.
The above conclusion can be drawn from the spate of expert support for the digital currency as a preferred investment option for people looking to generate income in the modern age. Case in point, the Chinese internet firm Meitu has joined the league of organizations aiming to get a piece of the pie by implementing a Bitcoin treasury plan.
Otherwise, a section of expert commentators opine that Bitcoin’s consistent success may be a trap. The argument is pegged on the premise that Bitcoin lacks intrinsic value, and that the possibility that the cryptocurrency may turn out to be one of the greatest stimulus-propelled market bubbles is real.
Boost from Stimulus Hopes and Industry Endorsements
According to a tweet published by Glassnode co-founder and Chief Technical Officer Rafael Schultze-Kraft, Bitcoin’s sharp increase in value gave rise to the liquidation of more than $100 million in short positions in a span of minutes.
Bitcoin’s achievement has been fueled by investor optimism as projected by institutional confidence in virtual assets and, in latest news, the massive $1.9 trillion stimulus package program by the U.S. government.
Expectedly, the crypto’s high came in just within two days after President Joe Biden’s signing of the program into law – it would see that U.S. citizens receive checks for $1,400 in a bid to cushion the people from the adverse economic effects of the coronavirus pandemic.
Already, media reports indicate that people have already started receiving the monies, which has been identified as the second most probable reason why Bitcoin rose dramatically.
A quick scan of the U.S. Treasury yields indicate a rather interesting state of affairs. The yields have risen back to over 1-year highs amid President Biden’s fresh stimulus. In the past, Bitcoin prices fell by a staggering 20 percent amid rising yields, which happens to be in contrast with the latest events – the virtual asset has sustained its resilience.
Importantly, Bitcoin has enjoyed major endorsements this year from both private organizations and public institutions. Tesla, one of the most valued electric car manufacturers on the planet, spent $1.5 billion on Bitcoin.
Mastercard made a recent announcement to reveal that they would provide an opportunity for merchants in its network to accept digital currencies. Similarly, BlackRock has considered its move to integrate Bitcoin in its portfolio to match client demand.
Further, Shark Tank billionaire Mark Cuban joined the league of top global investors who have rallied support for cryptocurrency. Cuban said that crypto is becoming a popular asset considering the reduced appeal of bonds and traditional assets – the aspect has created by the rock-bottom interest rates. He added that some crypto investors have been motivated by the pandemic.
The Bitcoin price has surpassed the record high of $60,000 amid dramatic market events that have been described as a rally to crypto excellence – with notable global organizations and financial powerhouses moving in to adopt virtual assets.
The world’s biggest cryptocurrency by market cap is reported to have reached the $60,415 mark after recovering from a February dip that had followed a precious price high at the start of the year.
Crypto experts have noted a 963% increase in Bitcoin’s value over the last one year, with the crypto registering a two-time record high of $1 trillion in market valuation this 2021.
According to Bitcoin fans, recent events that have begotten the latest rally can be attributed to a worldwide increase in demand for virtual assets by institutional leaders. The fueled demand can be seen to differ from past experiences where the Bitcoin price rose to about $20,000 at the end of 2017 before tanking to lost most of its value by the following year.
The above conclusion can be drawn from the spate of expert support for the digital currency as a preferred investment option for people looking to generate income in the modern age. Case in point, the Chinese internet firm Meitu has joined the league of organizations aiming to get a piece of the pie by implementing a Bitcoin treasury plan.
Otherwise, a section of expert commentators opine that Bitcoin’s consistent success may be a trap. The argument is pegged on the premise that Bitcoin lacks intrinsic value, and that the possibility that the cryptocurrency may turn out to be one of the greatest stimulus-propelled market bubbles is real.
Boost from Stimulus Hopes and Industry Endorsements
According to a tweet published by Glassnode co-founder and Chief Technical Officer Rafael Schultze-Kraft, Bitcoin’s sharp increase in value gave rise to the liquidation of more than $100 million in short positions in a span of minutes.
Bitcoin’s achievement has been fueled by investor optimism as projected by institutional confidence in virtual assets and, in latest news, the massive $1.9 trillion stimulus package program by the U.S. government.
Expectedly, the crypto’s high came in just within two days after President Joe Biden’s signing of the program into law – it would see that U.S. citizens receive checks for $1,400 in a bid to cushion the people from the adverse economic effects of the coronavirus pandemic.
Already, media reports indicate that people have already started receiving the monies, which has been identified as the second most probable reason why Bitcoin rose dramatically.
A quick scan of the U.S. Treasury yields indicate a rather interesting state of affairs. The yields have risen back to over 1-year highs amid President Biden’s fresh stimulus. In the past, Bitcoin prices fell by a staggering 20 percent amid rising yields, which happens to be in contrast with the latest events – the virtual asset has sustained its resilience.
Importantly, Bitcoin has enjoyed major endorsements this year from both private organizations and public institutions. Tesla, one of the most valued electric car manufacturers on the planet, spent $1.5 billion on Bitcoin.
Mastercard made a recent announcement to reveal that they would provide an opportunity for merchants in its network to accept digital currencies. Similarly, BlackRock has considered its move to integrate Bitcoin in its portfolio to match client demand.
Further, Shark Tank billionaire Mark Cuban joined the league of top global investors who have rallied support for cryptocurrency. Cuban said that crypto is becoming a popular asset considering the reduced appeal of bonds and traditional assets – the aspect has created by the rock-bottom interest rates. He added that some crypto investors have been motivated by the pandemic.
