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Several financial platforms offer price information of some leading cryptos, but this addition indicates a growing adoption of the market beyond the retail interest.
The current Bitcoin price correction has affected almost the entire altcoin market that has been trapped in a similar correction phase.
Analysts of JPMorgan highlighted the evaporating liquid supply as multi-billion dollar institutions and corporations are buying substantial quantities at a fast rate.
In the S-1 filing, Coinbase has made crucial disclosures to the public with its plans of launching direct stock listing on Nasdaq. As per its recent valuations, Coinbase pegs a value of over $100 billion.
Shortly after Klarna CEO Sebastian Siemiatkowski expressed his concern over tweets promoting Bitcoin, reports revealed that the SEC is investigating Musk over DOGE tweets.
Overlooking the fears of inflation and rising interest rates, the stock market registered bullish momentum on the outlook of quick economic recovery. Fed Chairman Jerome Powell has said that it will take a long time for inflation to pick up.
The value of 1 Bitcoin went back above the $50,000 psychological level after Jack Dorsey’s Square revealed that they had purchased 3,318 BTC for $170 million at an average price of $51,236 per coin.
The two-year legal court battle has finally come to a conclusion with Bitfinex and Tether paying the settlement thereby putting this matter behind.
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.