Bitcoin edges close to 50,000 mark

 As we all know that there is a bullish trend in the cryptocurrency market these days. A lot of cryptos has enjoyed the significance increase in their value recent days. The growing trends of adoption of crypto in bigger institution in US has fueled  the upward trend as well.

The Bitcoin rocket has blasted to new highs above $49,000 after Tesla’s $1.5 billion treasury allocation triggered a buying trend in the market.

As the week continued, more bullish news hit the headlines. Twitter said it was considering adding Bitcoin to its balance sheet, and BNY Mellon and Deutsche Bank revealed plans for cryptocurrency custody. Finally, on Valentine’s Day, corporate America’s embrace pushed Bitcoin over the edge to climax above $49,000 before pulling back.

Following Bitcoin’s lead, most major cryptocurrencies are flashing big weekly gains. Dash(DASH) almost doubled in value before pulling back, and Cardano(ADA) rose over 50% following the much-awaited “Mary” upgrade. Meanwhile, Zcash (ZEC) and Binance (BNB) Coin have made double-digit gains, and Ethereum (ETH) has hit new highs above $1,800 after institutions scooped up 53,000 ETH through Grayscale in a single day. Litecoin (LTC) also crossed the $200 barrier.

Also Read:

Miami employees can choose Bitcoin as a mode of payment soon

This week’s highlights

Tesla treasury allocation triggers corporate interest.

Wall Street banks make moves on to Bitcoin.

Tesla triggered a 20% Bitcoin pump on Monday as the carmaker’s $1.5 billion allocation was revealed in an SEC filing, along with plans to accept the cryptoasset as payment for its products.

As the community celebrated a key turning point, mainstream media outlets including Barron’s and the Financial Times ran full-page features, adding yet more momentum to the bullish crypto market. Since then, speculation has run wild about which Fortune 500 firm could be next. Speaking to Bloomberg on Monday, Galaxy Digital founder Mike Novogratz said that we are “going to see every company in America” make an allocation.

Wall Street banks make moves on Bitcoin

As Bitcoin begins to enjoy more mainstream appeal, banks are rushing to capitalize on the cryptoasset. The world’s largest custodian BNY Mellon, which has more than $40 trillion worth of assets under administration, has announced that it will offer a custody service. Deutsche Bank is also planning to offer cryptoassets, and famous former crypto critic JP Morgan said that it would start trading Bitcoin “at some point” if there was client demand.

Meanwhile, Mastercard has followed Visa and PayPal to allow merchants to accept cryptocurrency payments, and Apple Pay has adopted Bitcoin through cryptocurrency spending service BitPay.

The week ahead

Last week’s wave of adoption has washed the market up to critical psychological barriers – Bitcoin is approaching $50K, and Ethereum pushing towards $2K. Passing these milestones would be likely to attract more media attention and could catalyze another surge. However, volatility could be expected as traders take profits at these pivotal levels.

This post originally appeared on the eToro blog.

Post a Comment