The new all-time high of $49,400 has just been recorded by the biggest cryptocurrency on the market, despite the consolidation of the ETH price. The leading cryptocurrency set a new high after spending most of the week in the $47K range so let’s read more in our latest Bitcoin news.
Bitcoin rocketed to a new all-time high despite the consolidation in Ethereum’s price. The leading cryptocurrency set a new high and spent most of the past week in the $47K range. Bitcoin is now even moving higher on the continued institutional support of the coin. Tesla also revealed that it holds a huge amount of the cryptocurrency which it purchased to hedge the cash positions and to provide liquidity for buying the next batch of BTC.
Remember that as the market cap of BTC rises, it forces more institutions into it. The more institutions that adopt it, the more the others have to and the harder it is for regulators to stop it.
A perfect reflexive loop with the little guy front running it all.
— Raoul Pal (@RaoulGMI) February 14, 2021
Raoul Pal, the chief executive of Real Vision stated that the introduction of the institutions such as Tesla will create a feedback loop that will drive the demand for Bitcoin:
“Remember that as the market cap of BTC rises, it forces more institutions into it. The more institutions that adopt it, the more the others have to and the harder it is for regulators to stop it. A perfect reflexive loop with the little guy front running it all.”
— PlanB (@100trillionUSD) February 13, 2021
For example, the Tesla announcement brought for a new all-time high of $49,000 for Bitcoin, sparking many discussions about the cryptocurrency in the US. For example, Twitter’s chief financial officer stated that he is also having the company look into BTC and even paying salaries in the cryptocurrency as per one CNBC interview. Bitcoin’s technicals also show that there’s more room to move higher. The BTC analyst Plan B noted that the strength index of the cryptocurrency is on its way that it was in the previous cycle and if history repeats, BTC has room to extend to the upside before it undergoes a correction.
As recently reported, Bitcoin was designed by Satoshi Nakamoto as the first form of peer-to-peer digital “Cash” but sought to give the cryptocurrency a few features of a commodity like rarity which was achieved through the 21 million BTC hard cap of the cryptocurrency. The cryptocurrency’s creator comments showed that the distinct fascination with gold seems to have been trying to create a digital representation of the hard money standard.
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