Bitcoin Just Hit $60,000 For The First Time Ever
Bitcoin has just hit $60,000 for the very first time in the currency’s history.
The top cryptocurrency by market cap escalated to $60,065.15 in mere minutes on the morning of Saturday, March 13, as per Coindesk.
This new record has beat Bitcoin’s previous all-time high of approximately $58,330, which was achieved on February 21. Since then, Bitcoin has fallen to lows of $43,000, impacted by uncertainty in traditional markets regarding stimulus expectations.
As per Coindesk, various stocks and cryptocurrencies have experienced losses and sideways trading over the course of the past several weeks, before seeing another rise in the last eight days.
Jehan Chu, co-founder and managing partner of Hong Kong-based trading firm, Kenetic, told Coindesk:
Bitcoin is testing the sound barrier at $60k, and institutional investment continues to build momentum with Chinese internet firm Meitu the latest to execute a Bitcoin treasury strategy.
[…] Further, Beeple’s $69 milllion NFT record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100k levels by Q3.
The new record has been reported just two days after President Joe Biden signed a $1.9 trillion stimulus program into law that will send out stimulus checks to US citizens worth $1,400 each.
US Treasury yields have risen to more 12-month highs following the signing of President Biden’s new stimulus. However, this time around, Bitcoin has demonstrated resilience, unlike in the last week of February when prices dropped by 20% amid rising yields.
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