The dominant cryptocurrency in the world, Bitcoin consolidated around $60,000 on March 15. The largest cryptocurrency took a breather from the weekend’s all-time high as investors prepared for inflation worries and U.S stimulus spending to propel it even higher.
Bitcoin declined to $58,956.90 early in the Asian session, declining from Saturday’s lifetime high of $61,781.83.
The rally may have been dampened by a report that India would pursue a ban on cryptocurrencies. This is a rain cloud for BTC following high-profile endorsements this year. Endorsements from the likes of Tesla’s Elon Musk, Twitter’s Jack Dorsey, and investment giants BlackRock and Goldman Sachs.
The most famous cryptocurrency, Bitcoin, has more than doubled in 2021, after quadrupling in 2020.
According to the chief currency strategist at Mizuho Securities, Masafumi Yamamoto, investment by institutional investors and corporates is rising. He says he calls it the financialization of BTC. Yamamoto added that it’s becoming an asset that investors can no longer ignore.
The dominant cryptocurrency’s weekend boost was supported by an improvement in risk appetite in financial markets. This comes after President Joe Biden signed his $1.9 trillion fiscal stimulus package into law and ordered an acceleration in inoculations.
Since March 2020, BTC has increased by more than 1,000%. That indicates that Bitcoin has outperformed traditional asset classes such as equities, commodities, and bonds by a massive margin.
The resilience of Bitcoin, even after the sharp rally, resumes attracting buyers. Jarvis Labs analyst Ben Lilly announced the whales who hold between 100 to 1,000 Bitcoin had added nearly 63,000 Bitcoin in their combined holdings since February 28.
Furthermore, Bitcoin adoption by companies also resumes growing. RushOrderTees, a t-shirt printing, and embroidering company, recently announced it had bought about $300,000 worth of Bitcoin and other cryptocurrencies in the past month. They intend to raise it to $1 million by the end of April.
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