Bitcoin Breaks Through 56k as Revived Institutional Interest could see it test February High
March 11, 2021 7:25 AM
Bitcoin just went past $56,000 for the first time in over two weeks as crypto market experienced major price corrections.
The top ranked crypto assets continued its weeks recovery breaking through $56,253 which has brought in a new belief that the flagship crypto could test it's last month record high once more
At press time Bitcoin went up 4.1% on Wednesday as the largest crypto was trading at $56,253. Crypto and stock market as various assets made some quick price gains.
Chris Weston who is head of research at Pepperstone Group Ltd wrote:
Bitcoin wouldn't shock me if the price made an assault on the Feb high of $58,350.
Revived institutional interest in bitcoin will give a massive boost to cryptocurrency markt, Bitcoin (BTC) has risen about 600% in the past year. However, opinion has been split on if this could be the start of an actual bull run or just another risky bubble.
Bitcoin latest price surge has come just after the U.S. President Joe Biden approved the stimulus package, also Microstrategy and Meitu recent bitcoin purchase.
JPMorgan has filed to issue noted linked to a basket of crypto stocks like MicroStrategy Inc. and a host of others. It's been bullish signal all round as Goldman Sachs also announce plans to restart it's trading desk after high demand from institutions.
According to recent market news and trend which signal digital tokens are striding closer to mainstream finance.