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However, some tech stocks took the heat on Tuesday following the heightened talks about the inflation concerns.
On Tuesday, Bitcoin price collapsed over 15% leading to the first sharp price correction this year in 2021. However, this happens after Bitcoin surged over 90% year-to-date hitting its new all-time high above $58,300.
Owing to the expectations of strong economic recovery, the bond yields jumped 1.35% on Monday, with a total surge of 27 basis points so far in February. While stocks remained under pressure, the long-term effect of growing economic activity could be positive for Wall Street.
Yellen’s comments questioning Bitcoin price stability and volatility came just at a time when Bitcoin (BTC) was under heavy selling pressure and further declining 16% from its all-time high in a very short time.
Elon Musk said that the Bitcoin (BTC) price was high as it crossed $53,000 levels and hit over $1 trillion valuations. However, Bitcoin bulls continue to take the price higher with the next immediate target at $60K.
The bullish sentiment in the overall cryptocurrency market is currently at new highs making Bitcoin (BTC) the first crypto asset to have trillion-dollar valuations. With this, Bitcoin becomes the sixth most valued asset in the world.
Bitcoin is quickly outpacing some of the Fortune 500 companies that make up the traditional markets.
As Bitcoin continues to discover new prices, not all are on the side of BTC and its future. NYU economist Nouriel Roubini still believes Bitcoin “is a bubble”.
In the last three months, BTC volatility stood at 87% versus 16% for gold according to JPMorgan.
The last time XRP dropped to that position was in June 2014, when it fell below the meme coin Dogecoin.
Just as BTC crossed the $50,000 milestone with a convincing rally backed by institutional players, analysts have turned bullish saying Bitcoin is all set to surge past $100K and above this year.
Bitcoin has turned indomitable surging another 5% in 24-hours with BlackRock announcing its entry in BTC. The world’s largest asset manager said that Bitcoin is a potential asset class to put its excess cash to work.
The 250-year-old auction house will be auctioning an NFT of one of the most popular digital artists Beeple. For this, Christie’s has partnered with the digital marketplace MakersPlace.
Wedbush noted the probability of less than 5% that public companies will adopt BTC over the coming 12 to 18 months.
Bitcoin futures contracts (BTCG2021) on the Chicago Mercantile Exchange, hit a high of $50,500 today.