Year-to-date, Bitcoin, the most popular cryptocurrency has gained more than 1,400%.
On Saturday, Bitcoin soared to new highs above $60K, marking the one-year anniversary of the infamous Black Thursday crash with an impressive display of intensity.
When another round of government financial aid and stimulus checks landed in Americans’ bank accounts, the buying spree began. Last Thursday afternoon, Biden’s $1.9 trillion packages were signed into law, sparking an upbeat surge in stocks and crypto markets as hundreds of millions of $1,400 stimulus checks were issued.
The majority of small- and large-cap altcoins gained double digits this week, and BNB bucked the trend with a 10% rise.
This Week’s Highlights
- Bitcoin reaches $6000, marking a 1,400% increase.
- Wall Street is tightening its grip on cryptocurrency.
- Bitcoin reaches $60,000, marking a 1,400% increase.
- Global financial markets were pulled into a vortex of pandemic-induced despair on March 12th, 2020. Bitcoin plunged nearly 50% and reached a low of under $4K, but it has since risen over 1,400% to highs of over $60K, almost a year later.
The latest high price comes a month after Bitcoin broke through the $50,000 barrier for the first time in mid-February, and it reflects a price doubling in 2021 amidst institutional adoption.
Traders will now be watching to see if the rally will continue on Monday as cautious institutional investors hit the buy button, as the milestone was reached over the weekend when crypto trading volumes are typically much smaller.
Wall Street is tightening its grip on cryptocurrency.
Wall Street firms are struggling to satisfy a growing demand for crypto assets exposure by giving institutional clients exposure.
“Client demand is rising,” Goldman Sachs president and COO John Waldron told Reuters last week, and rival investment bank JPMorgan Chase has already earned clearance to sell a “cryptocurrency exposure basket.” Clients can gain access to the booming crypto economy by investing in companies like MicroStrategy, Square, Riot Blockchain, and chipmaker NVIDIA.
Ted Mathas, the Chairman and CEO of New York Life, America’s largest mutual life insurer, has joined the board of NYDIG (New York Digital Investment Group), which may mean that Bitcoin insurance products are on the way.
The week ahead Traders are waiting with bated breath for the market to open on Monday when beneficiaries of stimulus checks are generally expected to spend their funds in the stock market.
However, we could see stimulus funds invest in cryptocurrency. As the first $1,200 checks were issued in April of last year, major exchanges saw a large increase in the amount of $1,200 transactions.
Officials from the United States’ central banks are due to meet on Tuesday and Wednesday to discuss their most recent monetary policy thought. This may set the tone for the rest of the week’s Bitcoin trading.
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