News

Bitcoin bulls have taken over the crypto market after weeks of consolidation. The leading cryptocurrency broke past $20,000 a number of hours ago, pushing past this key technical level for the first time.

The cryptocurrency now trades for $21,200 after pushing even higher. Bitcoin is up $1,800 during this trading session (since the daily candle close as per TradingView).

This move higher comes amid positive fundamental trends for Bitcoin.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Passes $21,000

This morning, the CME revealed that it will be launching an Ethereum futures market in Feb. of the upcoming year.

Many see this as notable as it shows that there may be institutional demand for the second-largest cryptocurrency by market capitalization. It is unclear if Bitcoin’s ongoing rally is related to this news.

Another positive for BTC is the news that Guggenheim global CIO Scott Minerd coming out for the leading cryptocurrency. While the company’s Macro Opportunities Fund recently revealed that it would be allocating some capital to the Grayscale Bitcoin Trust, Minerd disclosed his thoughts on the leading cryptocurrency in a recent Bloomberg segment.

In that segment, he said that they think Bitcoin will surge to $400,000 over time.

Chart of BTC's price action over the past week from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For BTC

There is also speculation that this rally is being fueled by Michael Saylor’s MicroStrategy.

The firm revealed that it would be purchasing $650 million worth of Bitcoin due to the sale of debt to institutional buyers.

Related Reading: 3 BTC On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Passes $21,000 as Jaw-Dropping Rally Continues

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
Zionodes-Bringing a Unique Bitcoin Mining DeFi Experience
Solana targets growth in Southeast Asia with a $5M grants scheme
Making The Case For Coinbase in 2021
New Hawaii bill seeks to create state-led blockchain working group
TA: Ethereum Steadies Above $1,280, Why ETH Could Restart Its Rally

Leave a Reply

Your email address will not be published. Required fields are marked *