logo
  

Whitherto Bitcoin?

bitcoin aug06 23aug21 lt

On Sunday, Bitcoin prices regained the $50,000 level after a gap of three months. As most markets remained more or less clueless and directionless, weighing the impact of the lingering worries, be it the Fed's tapering timeline or the ferocity of the delta variant or the faltering of the economic growth stories, the lead crypto asset emerged quietly and steadily to breach the psychological $50,000 level.

As per coinmarketcap.com, Bitcoin is currently trading at $50135.28.

Bitcoin prices had corrected in the month of May following a Chinese crackdown on mining assets as well as concerns on the energy impact of crypto mining.

The U.S. payments giant PayPal Holdings' announcement that it would be allowing customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week exacerbated the positive sentiment that had engulfed the crypto sphere recently.

Late last week, cryptocurrency exchange Coinbase Global that provides financial infrastructure and technology for the crypto economy had announced that it would be buying $500 million in crypto and investing future profits into a crypto portfolio.

The last seven days have been impactful not just for Bitcoin but also for the Altcoins. While Bitcoin made seven-day returns of 7.97 percent, other top-ranked coins like Cardano (ADA) gained 34.49 percent, Binance Coin (BNB) rallied 18.05 percent, Solana (SOL) advanced 16.42 percent, and Polkadot (DOT) strengthened 14.86 percent.

Will the surge in prices act as an inflection point allowing Bitcoin to get wider acceptance into the financial mainstream?

If it so happens, investors tryst with digital assets would become more real than virtual and alter the crypto landscape permanently.

For comments and feedback contact: editorial@rttnews.com

Follow RTT