2021-03-23 19:04:27
After a period of decline and consolidation since mid-February, Bitcoin has regained its momentum and soared to a new all-time high above $ 60,000.
In a recent surprise move, the leading cryptocurrency’s price by market capitalization jumped to $ 60,445.
According to Jehan Chu, co-founder and managing partner of Kenetic, Hong Kong: “Bitcoin has re-tested a new high above $ 60,000. This new growth driver is showing that the purchasing power of institutional investors is still strong ”.
Zhou added: “In addition, works of art NFT of Beeple was sold for a record price of 69.3 million USD in the auction of company specializing in the auction organization Christie … has been demonstrating the real power of electronic money.
Predicting what will happen next for Bitcoin, he thinks that Bitcoin’s target of $ 100,000 in Q3 this year will be achievable.
“It is no longer something of a fantasy. This coin can reach the price of 100,000 USD in Q3 this year ”
Bitcoin’s recent bull run surpassed its previous all-time record of around $ 58,330 set on Feb. 21. Since then, BTC price fell to as low as $ 43,000 amid markets affected by US Treasury bond yields.
Both stocks and cryptocurrencies across the board have suffered losses and traded sideways for the past few weeks, before rebounding for the past 8 days.
Bitcoin’s recent highs were also boosted thanks President Joe Biden Signed a rescue package of 1900 billion USD on 11/3, of which each American will receive 1,400 USD.
US Treasury yields have rebounded to 12-month highs following Biden’s new stimulus move. This time around, however, bitcoin is showing its resilience in contrast to the previous week of February when prices fell 20% amid rising yields.
The move to the $ 60,000 mark brings Bitcoin’s market cap up to $ 1.12 trillion.
If you do not have a Binance account, register here: https://CHK.com/go/binance
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