This Monday, January 11, will be remembered by the many. Bitcoin dropped nearly 20% as the US Dollar gained amid rising US Bond yields.
Although Bitcoin is currently used as a hedge unit in most portfolios, Palihapitiya thinks it will transit to something much more important in the near future.
The dip in Bitcoin price today is arguably one of the coin’s worst performances in the past few weeks and emotions amongst investors in the market following this dip are high.
The US Congress now has the democrats in the majority and this may get the Biden administration a free ride to getting the new stimulus bill to be approved.
Elon Musk, the iconic CEO of American electric vehicle and clean energy company Tesla and aerospace manufacturer and space transportation services company SpaceX has revealed that he would not mind getting paid in Bitcoin.
The introduction of EGG can make it a lot easier for everyone to explore different DeFi yield farming options, staking, and so forth.
Ending the year at $29,111.63, Bitcoin increased by more than 300% last year. With a gain of over 40% in a little over a week, Bitcoin is at $40,436 at the time of this writing.
Bitcoin has blasted nearly 40% since the beginning of 2021 as the world’s largest cryptocurrency surged all the way up to $42,000 hitting a new all-time high. Institutional interest in BTC continues to surge further.
Despite the gains and the continuous surge in the price of Bitcoin, many critics anticipate a potential burst of this “bubble”.
While being projected to grow further, the much-celebrated Bitcoin price at $40,000 may be the coin’s long-term support level on its way to new peaks in the future.
Despite its short-term volatility Bitcoin has demonstrated a long-term bullish trend. As of early January 2021, if you had bought Bitcoin at any point in the years prior and held until today, you would now be in profit.
Having hit a new all-time high of $38,280, Bitcoin is now trading at around $37,950 showing a growth of more than 8% in the past 24 hours.
Raoul Pal previously said that Bitcoin is slowly eating the world as observed with the banking system.
Riot Blockchain reported that the mining revenue had increased by 21% to $6.7 million for the first nine months of 2020.
Bitcoin price new ATH has coincided with an announcement from the US federal regulator, Office of the Comptroller of the Currency (OCC), that indicated that banks can use stablecoins and public blockchains to conduct payments and other activities.