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Bitcoin Surges past $55,000: Bulls Remain Unstoppable

Bulls remain unstoppable on major crypto exchanges today. BTC has now gone past $55,000 as the uptrend of the king cryptocurrency remains consistent. At 19:46 GMT on Friday, the price of BTC was at $55,070. A gain of 5.8% in the last 24 hours.

bitcoin passes $50k

Mainstream and corporate adoption of the coin seems to be fueling the all-time highs. More companies and asset managers are thinking of the coin and ways to diversify their assets.

Within the last 4 hours, the benchmark cryptocurrency pushed above the $1 trillion level. While Bitcoin started in 2009 as an experiment, it only took 12 years to achieve $1 trillion market capitalization.

It is interesting to note that in March 2010, auctioned 10,000 BTC for $50. There was no buyer.

Elon Musk and other prominent Bitcoin investors are credited with helping the coin maintain a bull rally. Musk noted in a tweet responding to Binance CEO, Changpeng Zhao comment on Tesla’s $1.5 billion Bitcoin purchase that Bitcoin was more of a less dumb liquidity than cash.

He said:

Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.

Morgan Creek Digital’s Anthony Pompliano noted that Bitcoin is closer to $100,000 ATH than it is to $0 Bitcoin.

However, illiquid BTC has experienced its largest one-week decrease in 6 weeks. Illiquid BTC decreased from 7,600 BTC to 15.49 million BTC. It’s generally expected that illiquid supply decreases during bear markets and increases during bull markets. Analysts at JP Morgan have advised that the current price may become unsustainable, unless the volatility of the asset’s price subsides quickly.

MicroStrategy completes $1.05 billion debt offering

As the Bitcoin market jubilates, the publicly traded company, MicroStrategy, announced that it has now completed its $1.05 billion offering of convertible senior notes.

To date, the business intelligence firm holds 71,079 BTC. This makes the company the largest purchaser of BTC.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© IbrahimAnifowoshe for Commodity Blog, 2021. | Permalink | No comment |
Published under: Technical Analysis

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