By
Godfrey Benjamin
May 10th, 2024
Yesterday Bitcoin lost its weekly gains. However, some experts are very optimistic about its future growth.
The price of Bitcoin plunged nearly 8%, ignoring an encouraging comment from American actress Lindsay Lohan. Bitcoin recorded its major correction after reaching new highs earlier this week. The leading crypto asset reached an all-time high days ago, approaching $50,000.
Earlier this week, Bitcoin spiked 13% to around $44,000 shortly after electric vehicle company Tesla Inc (NASDAQ: TSLA) revealed that it had invested in the king coin. According to a filing with the US Securities and Exchange Commission (SEC), Tesla purchased Bitcoin worth $1.5 billion. In the filing, the EV company said the acquisition is part of its updated treasury policy, approved by the Adult Committee of Tesla’s Board of Directors.
Tweet on Bitcoin by Lindsay Lohan
Bitcoin has, however, lost its weekly gains as the king coin fell from over $47,000 to around $43,000 on the 10th of February. Specifically, Cointelegraph stated that Bitcoin dropped from $47,360 to $43,750. Bitcoin’s major correction occurred shortly after actress Lindsay Lohan posted her tweet.
bitcoin to the moon 🚀
— Lindsay Lohan (@lindsaylohan) February 10, 2021
At the time of writing, Bitcoin is down 3.13% to $44,737.02. In the last 24 hours, BTC has lost more than $1,300 in its trading price. During the period, BTC has traded as low as $43,881 and as high as $47,145. The top digital asset has also plummeted nearly 3% to about $834 billion in its market capitalization. Data provided by CoinMarketCap also showed that Bitcoin had lost 5.42% to $84.8 billion in its 24-hour trading volume.
Speaking on Bitcoin Bitcoin’s recent gains and losses, analyst Michael van de Poppe said in a tweet:
“’ Why are you scaling out?’ Well, markets are going up heavily, but we’ll be seeing some downwards momentum as well. Nothing goes up in a straight line. Realizing partial profits is fine. I’m still keeping big bunches in play, but I can accumulate some more. Easy game.”
Before BTC’s recent decline, Cointelegraph’s Keith Wareing revealed that it was “time to sell.”
Factors Fueling BTC Recent Gains
Bitcoin’s significant gains over the past months can be tied to several factors, including PayPal Holdings Inc (NASDAQ: PYPL) announcement to enable crypto selling on its platform. In a press release, PayPal said its new crypto service would allow users to buy, hold, and sell Bitcoin and three other crypto assets.
Following the announcement in October, Bitcoin soared and has constantly pulled in more gains since then.
Bitcoin is now viewed as digital gold with its increasing adoption among institutional and individual investors.
Nasdaq-listed company MicroStrategy Inc (NASDAQ: MSTR) is one of the companies buying huge amounts of Bitcoin. Since MicroStrategy’s initial BTC purchase in August 2020, the company has acquired more of the digital asset and plans to buy more.
Additionally, Bitcoin has attracted both bullish and negative predictions for 2021. In a recent tweet, quant analyst Plan B noted that Bitcoin is on track to hit $100,000 between April and September.