16th February 2020, Tuesday marked a historic moment in the cryptocurrency market, with Bitcoin touching the much awaited $50000 mark and Ethereum just shy of $2000 at $1800. Cryptocurrency markets have seen one of the most volatility in the last 12 months, with the market achieving many feats like the market cap of all cryptocurrencies being worth more than $1 Trillion dollars, Bitcoin crossing $50000 for the first time and other cryptocurrencies seeing a surge in massive percentages.
Ripple (XRP) has been through the most controversial news with some exchanges removing it from their trading platforms, leaving the users agitated. But, it is back up on it’s way and has a long road ahead of it for recovery. Many big names like Elon Musk, founder of Tesla and SpaceX, Chamath Palihapitiya, one of the most respected and well known Srilankan-American-Canadian Venture capitalist, Winklevoss brothers have been talking about Bitcoin for sometime now. Also, Jack Dorsey, Co-founder and CEO Twitter and Jay Z have planned to set up a $200 million dollar bitcoin fund for India. With many big players predicting the price of bitcoin to touch the 6 figure mark and new players entering the market there has also been news of some correction coming.
If this was not enough, Bitcoin arrived on Apple Pay just last week and with new and existing traders and investors betting in favour of Bitcoin, it is highly likely that this year could mark a big change in the field of cryptocurrency and bitcoin.
Elon Musk was seeing taking a big bet with Bitcoin and has been tweeting a lot recently about Dogecoin, wanting major holders to sell most of their coins saying “there is too much concentration among top holders and that is the issue.” and that he would happily support and buy if they sold. The supply of bitcoin was seen plummeting on coinbase, despite the price shooting up giving an indication that FOMO “Fear of missing out” is kicking in. Amongst all this news, Micro Strategy Incorporated (Nasdaq : MSTR) announced another $600 Million offering saying it “intends to use the net proceeds from the sale of the notes to acquire additional bitcoin.”
It took less than 60 days, 52 to be precise for Bitcoin to go from $25000 to $50000. As usual, there has not been any certainity in the markets in relation to cryptocurrency given it’s usage and laws surrounding it. 2021 is going to be really exciting and unpredictable for Bitcoin and the cryptocurrency investors/traders with so many recent development, news coming out and big players entering the market. On the hindsight, Warren Buffet was seen criticising saying “I don’t have any cryptocurrency and I never will.” calling it a worthless delusion and rat poison.
In the coming days, it will be exciting to see if Bitcoin continues it’s rally this year and touches the 6 figure mark next or goes the other way. We will keep you updated on the progress and latest news in our upcoming blogs.
Note : We do not giving any advice or recommendations relating to investing or trading. You are solely responsible for any trades made and we are here just giving latest updates and news relating to cryptocurrency markets.