BitcoinBond yieldsbtcusdBTCUSDTFederal Reserve

A Big Glitch Appears in Bitcoin Bullish Bias: Rising Rate Hikes Bets

There are more traders now that prefer to hold Bitcoin than selling it to realize earlier profits. It is indicative of a major price boom ahead for the flagship cryptocurrency, which has already surged by almost 1,380 percent from its 2020’s nadir of $3,858 (data from Coinbase).
Bitcoin Rise to Glory
Lower interest rates have provided one of the most strengthening bullish tailwinds to the Bitcoin market. It shows that banks could borrow cheaper capital from the Federal Reserve. In turn, that made the prospect of injecting liquidity into the economy higher. The US dollar resultantly risked being oversupplied. So, its value fell all across 2021.
Bitcoin rose because of its anti-fiat narrative. Investors perceived it as a haven against a dwindling dollar, citing its limited supply cap of 21 million tokens against an unlimited greenback. Billionaire hedge fund managers Paul Tudor Jones, Stan Druckenmiller, and Scott Minerd said that ultralow rates would further push the cryptocurrency’s prices.
So far, Bitcoin has performed per the expectations. The BTC/USD exchange rate surged twofold, entering 2021, hitting a record high of $61,778 in March after a flurry of corporate houses opted to add bitcoin to their balance sheets (read Tesla, MicroStrategy).
Bitcoin is up more than 1,380 percent since March 2020. Source: BTCUSD on TradingView.com
Meanwhile, believing that wealthy investors would start demand for bitcoin-related investment services, giants like Mastercard, Visa, BNY Mellon, Goldman Sachs, Morgan Stanley, and PayPal announced crypto-focused features on their legacy platform. So it appears, Bitcoin is finally growing from being an asset …
Story continues on Bitcoinist

Related posts
BitcoinBTCCoinbase IPOCointelegraph.com

Coinbase would have earned $2B just buying Bitcoin with its seed money

The largest cryptocurrency’s 200% CAGR presents a serious challenge to even the most successful crypto business strategies. The United States’ biggest crypto exchange would have made more money by simply buying and holding Bitcoin (BTC) in 2013. Data circulating on social…
BitcoinBitcoin PriceBTC-USDBTCUSDTPayPal

A Potential Bitcoin Price Explosion Above $60,0000 is Brewing; Here’s Why

Has the Bitcoin market topped out as traders constantly fail to achieve a breakout move above $60,000? Apparently, no. Bitcoin upside trapped by $60,000-resistance. Source: BTCUSD on TradingView.com According to Ki-Young Ju, the CEO of CrypoQuant — a South Korea-based…
AA NewsBitcoinBitcoin (BTC) PriceBTCEURBTCGBPbtcusdBTCUSDTCrypto NewsSocialSouth Korea

Kimchi Premium Crashing After Bitcoin Traded Above $70K in South Korea

Bitcoin’s price exploded to above $70,000, but only in South Korea as the so-called “kimchi premium” went to a yearly high above 20%. However, it has significantly dropped in the past several hours, which could prompt a retracement for BTC,…