BitcoinbtcusdBTCUSDTcryptocurrencyNasdaq

Bitcoin Ducks Nasdaq Correlation as Price Hits Two-Week High

Bitcoin stepped away from tailing price trends in the Nasdaq Composite, helped by more signs of institutional interest in the cryptocurrency sector.
The BTC/USD exchange rate surged 3.96 percent to $54,489—a two-week high—after a report from Goldman Sachs revealed that 40 percent of its clients now have exposure to cryptocurrencies and 70 percent of them believe the cost to purchase one bitcoin would hit $100,000 in 2021.
Goldman’s report surfaced a week after it announced that it would relaunch its cryptocurrency trading desk. The banking giant had closed the said platform in 2018 in response to Bitcoin’s wild downside moves that ultimately saw its prices crashing from $20,000 to $3,200 in just a year.
But between March 2020 and February 2021, the flagship cryptocurrency soared above $58,000 from $3,858 as traders and investors purchased it as insurance against the global central banks’ quantitative easing programs. Speculators noted that Bitcoin’s limited supply cap of 21 million tokens made it more attractive than holding cash, which has an unlimited supply.
Yield Effect
Nasdaq firms Tesla and MicroStrategy piled into Bitcoin using the same narrative, citing the US dollar’s yearlong decline in 2020 against the rising US public debt (it crossed over $21 trillion). That further prompted service giants like PayPal, MasterCard, Bank of New York Mellon, and Goldman Sachs to announce bitcoin-enabled products, ranging from custodianships to trading portals.
Bitcoin breaks bullish on its flag pattern. Source: BTCUSD on TradingView.com
Bitcoin reached $58,367 on February 21, its highest level on record, but lost about 26 percent of its valuation on unsupportive macro narratives. …
Story continues on Bitcoinist

Related posts
0x NativeAMMAutomated Market MakerBalancerBancorBCHBitcoinBitcoin CashBitcoin.comBTCcurveDecentralized ExchangeDEXErik VoorheesETHEthereumNative TokensShapeShiftShapeshift founderShapeshift SwapsSushiSwapTechnologyTHORChainThreshold SignaturesUniswapUnwrapped

Shapeshift Reveals Platform Supports Unwrapped Swaps via Thorchain With No KYC

Just recently, Shapeshift founder and CEO Erik Voorhees published a blog post about a new project called Thorchain, a protocol that allows for decentralized exchanges without wrapping or bridging technology commonly used today. Thorchain launched on April 13, 2021, and…
Bitcoin NewsbtcusdBTCUSDCBTCUSDTcryptocurrencyCryptocurrency NewsEthereum NewsETHUSDethusdtNewsxbtusd

WeWork Now Accepts Payments In Bitcoin — And Will Hold The Crypto On Its Balance Sheet

WeWork becomes the latest company to begin accepting cryptocurrency for payments. The SoftBank-backed real estate giant announced on Tuesday that it will allow its customers to pay for fixed offices and co-working spaces in crypto via tie-up with cryptocurrency payment…
cryptocurrencyNewsRippleXRP NewsXRPUSDXRPUSDT

#RelistXRP Campaign Gains Traction As Yet Another Crypto Exchange Restores XRP To Its Trading Suite

Japanese-based cryptocurrency exchange DeCurret has made the decision to relist XRP — the digital asset affiliated with fintech firm Ripple — on its trading platform. An XRP supporter on Twitter going by the alias XRP_OWL observed that DeCurret has relisted…