In An Exciting Run, The Bitcoin Price Exceeds USD 55,000

Written By Alla Levin
October 21, 2021
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In An Exciting Run, The Bitcoin Price Exceeds USD 55,000

With a sea of green candles illuminating the beginning of the week, bitcoin’s price surged over $50,000 for the first moment after early September and then proceeded on to surpass $55,000 for the first occasion since May. The cryptocurrency bitcoin seems to be set for a rise for the remainder of the year, as more corporate backing has accumulated over the past week, which is usually a positive indication. The following is a summary of what occurred in Bitcoin this week:

Positive News Will Help to Drive Up the Price

When El Salvador’s president, Nayib Bukele, announced that the region saw far more than 3 million people would sign up using its Chivo bitcoin wallet in just 26 days, he reached a world record for the area. Before we move any further ahead in our guide, please register yourself on the Bitcoin Profit and learn all the new things about trading in the bitcoin currency.

As part of its partnership with Legacy Records, Ultimate Fighting Championship veteran Jorge Masvidal’s no-holds-barred mixed martial arts promotion Gamebred Fighting Championship became the first MMA promoter to reward competitors with bitcoin on Monday. On Monday, bitcoin crossed the $50,000 barrier for the first moment in more than a month, igniting a bullish week for the cryptocurrency.

On Tuesday, billionaire Bill Miller said at the Forbes Symposium that “gold is a horse, bitcoin is a Ferrari.” Since New Liberty Standard issued the initial bitcoin price in 2009, the value of bitcoin has risen by more than 6 billion percent in the past 12 years.

Also, on Tuesday, U.S. Bank, the fifth-biggest commercial bank in the United States, announced a collaboration with New York-based bitcoin custody firm NYDIG to begin providing bitcoin custody services. Users of Jack Mallers’ Strike app were also able to purchase as little as $0.50 worth of bitcoin at a time via the app, according to Mallers.

Bank of America (BofA) launched its digital asset study on Wednesday with the release of a paper titled “Digital Assets Primer: Only The First Inning,” in which the bank said that “bitcoin is too difficult to ignore.” According to market analysts, for the first time since early May, the bitcoin price would exceed $55,000 later in the day.

Nayib Bukele, President of El Salvador, stated that people who claimed their first bitcoin given via the country’s Chivo bitcoin wallet would have made between 10% and 35% more money if they had kept the stack if they had done so. Furthermore, according to Bukele, people are buying more bitcoin than they are selling on the site, with revenue, including remittances, being four times higher than withdrawals as citizens learn how to stack bitcoins.

After the market closed on Friday, Dawn Fitzpatrick, CEO of the $6 billion Soros Fund, revealed that the fund holds some bitcoin, describing it as “more than simply a hedge against inflation” and saying that “Bitcoin has jumped the gap to mainstream” status. Further, they “anticipate this bull run to push it to near highs throughout the fourth quarter,” according to Wald.” According to CNBC, bitcoin proponent and U.S. Senator Cynthia Lummis reported a bitcoin purchase ranging from $50,001 to $100,000 in value.

On Friday, it verified that the quantity of bitcoin owned by large mining companies exceeded 200,000 BTC, equal to $1.1 billion. As long as miners continue to accumulate and as long as both retail and institutional investors continue to hoard bitcoin, it is highly probable that we will see a supply shortfall later in the year, which would further fuel the current bull run.

Bearish News Is AnnoyingBearish News Is Annoying

Even though bitcoin’s price continued to rise this week, the bears were able to keep their distance; nevertheless, this does not imply that no news might be deemed harmful over the week. Nonetheless, when asked whether the firm would contemplate keeping bitcoin on its balance sheet, he responded by saying he has “learned over time never to say never.”

Verdict

Bitcoin has risen by more than 400 percent in the past year, with the bitcoin price rising by more than 20 percent in the previous week. The fact that both people and the government in El Salvador are happy with bitcoin suggests that other governments will move quickly to accept bitcoin as legal currency, or at the very least to enact favorable laws to promote investment in their own countries.

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