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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
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

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