Bitcoin is known to be obnoxious with its crazy price changes. However, it has time and again proven to overcome all the lows to achieve higher peaks, demonstrating its value in the world.
Bitcoin, which was previously at approximately $64,650 as of 12:00 am in Hong Kong trading Thursday, skyrocketed to new records. The greatest digital currency summited a peak of around $67,000 on Wednesday, boosted by the triumphant launch of the first US Bitcoin futures exchange-traded fund. The second most industrious ETF debut has taken another step in the development of the digitized currency’s appeal to conventional audiences.
Exhilaration is on the rise as Bitcoin’s bull run has achieved greater heights. The cryptocurrency has been able to raise 120% in 2021. If the sources are to be believed, the over $100,000 records are still achievable for Bitcoin. Bitcoin is known to be obnoxious with its crazy price changes. However, it has time and again proven to overcome all the lows to achieve higher peaks, demonstrating its value in the world.
Bitcoin, in 2020, became the decade’s most performing asset while gaining more than 300% last year. The beginning of this year’s summer was also well established, barring the brief phase when regulatory concerns from the United States to China turned out problematic for the cryptocurrency. The revival of Bitcoin after the crackdowns caused a migration of cryptic activities from China.
According to Sadie Raney, Co-founder of crypto robo-advisor Makara, the vibe of the crypto industry is at an all-time high. The crypto fervor has heightened in the various sections of Wall Street: Bank of New York Mellon Corp., Goldman Sachs Group Inc, and Morgan Stanley are some of the major financial giants offering crypto-related services.
Chief Investment Officer of Soros Fund Management LLC, Dawn Fitzpatrick, confirmed that her company held a few digital coins, and that crypto was the new normal in the financial world. Lloyd Blankfein, the former Executive Officer of Goldman Sachs Group Inc has also joined the group of people fascinated by the asset class.
After intricate research on the average return rates over the past three years for a number of digital assets, in accordance with the rate of gold, researchers at platform Forex Suggest claim that Bitcoin would be able to achieve a $5 trillion market value by the beginning of 2024. The following prediction is based on the 103.5% average annual growth rate, it is said in the report.
According to Leah Wald, Chief Executive at Valkyrie Investments, the future of Bitcoin solely depends on how much support and approval it can gather above $65,000. While in the past, the coin has traded off the incoming new highs as traders booked profits, one can only suggest a high rise once the coin is able to maintain the current price.
Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.
