Bitcoin của (BTC) tumble below $30,000 was short-lived as the top cryptocurrency found a new wave of support, Bao gồm một $10 million ‘buy the dip’ moment from MicroStrategy.
Data from Cointelegraph Markets and TradingView shows the strong inflows have helped lift BTC 4.92% to a daily high at $33,866.
As the prospect of the Biden administration passing massive stimulus packages to help get the United States economy going again, conversations about Bitcoin becoming a reserve currency are beginning to pop up again.
Although Bitcoin’s recent volatility has some analysts saying BTC is a cyclical asset rather than a hedge, the price recent movements have caught the eye of retail investors who have shown a renewed interest in cryptocurrencies in general.
Even the Bank of International Settlements has acknowledged that digital currencies may have use and the organization has outlined plans to roll out a variety of central bank digital currency trials this year.
Now that the Bitcoin fear index has flipped from “Extreme Greed” to “Fear,” some investors appear to be taking Warren Buffet’s advice of “buying when there is blood on the streets”.
Institutional investors are wary of future regulation
Theo Chad Steinglass, head of trading at CrossTower, Bitcoin’s correction may have initially been triggered by critical comments fromU.S. Bộ trưởng Ngân khố Janet Yellen.
Prior to Yellen’s comments, Bitcoin was experiencing a “post-correction consolidation” and was “rangebound between $34,000 and $38,000” with traders “waiting to see which side of the range would be challenged or broken.”
Steinglass further explaind that Bitcoin’s next steps will be determined by the actions of institutional investors. Anh ấy nói:
“$31,000 was a pocket of strong support, vì vậy ít nhất không phải ai cũng bán. Chúng ta sẽ phải chờ xem liệu bức tường đó có còn, hoặc nếu các tổ chức tiếp tục tích lũy. Nếu họ làm, có khả năng xu hướng sẽ tự thiết lập lại và tiếp tục. Nếu họ chuyển sang bên lề chờ hướng dẫn thêm về quy định, then their lack of buy flows will be acutely felt.”
Altcoins bounce back
Many of the top altcoins also recovered nicely from this week’s correction. Polkadot (DOT) tập hợp lại 7.09% to a daily high at $18, while Chainlink (LIÊN KẾT) posted a double-digit gain and topped out at $22.31. Tezos (XTZ) has also seen a surge in interest which boosted the altcoin by 15% đến $3.36.
Vốn hóa thị trường tiền điện tử tổng thể hiện là $949.8 tỷ và tỷ lệ thống trị của Bitcoin là 64.4%.
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