“Bitcoin hit its highest level since mid-May and continues to build its own empire.”
This month August 1st, 2021 Sunday started with news that the largest cryptocurrency Bitcoin value has been gained and traded up to $42, 606. This value is the highest compared to the previously recorded value on May 18, 2021. Market predictors have pointed that the $40,000 market is an important inflection point. It was up about 0.5% at $41,739 as of 6:13 a.m. New York time on Sunday.
Bitcoin, the largest cryptocurrency available in the market has been trended downward from its mid-April. And now it’s recorded near $65,000 more than a week as it has received supportive comments behind the scene from Elon Musk and Cathie Wood. And this has helped the crypto to come out of a declining trend. Also, Digital-asset-related jobs postings by Amazon.com have also helped to increase the trend of Bitcoin.
Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX said a note on Saturday that, “A run like this certainly suggests some flow backing. Of course, it now needs to stabilize here – and above the high from May 20 would be further confirmation.”
In a recent Bitcoin press conference B Word, Elon Musk said that he would have confirmed with a little more knowledge around the share of renewable sources used in Bitcoin Mining. And if the renewable energy used for bitcoin mining is less than 50%, then Tesla would again accept the use of Bitcoin. This comment has influenced the traders and which become the major reason behind the Bitcoin rally.
Another reason for the Bitcoin rally is that major parts of BTC got liquidated which pushed the prices even higher. If the market moves in the direction of what the marketers are predicted; the traders will place a stop loss to cut their losses. Also, since the traders have a very short period of time; they didn’t get a chance to change their trade and this triggers the stop losses, added Edul Patel, the CEO, and Founder of Mudrex. Overall, these stop losses are the “buy” orders and which in turn increases the value of Bitcoin; and the prices moved even higher.
In addition, marketers also predicted that likely to be at the end of 2021, the Bitcoin rates will be around $66,284, and further in the year 2030; it’s expected to increase by a whopping $470,000. The given predictions are based on the survey conducted by 41 crypto experts in July. The senior trader in Wave Financial stated. “There are some unforeseen of inflation along the way of 2025; but 2030 will likely to trigger the value of Bitcoin and move towards the upside.
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