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Friday, May 14, 2021

Bitcoin Has Launched A Bullish Attack At A Value Of $57,000

Bitcoin and most of the altcoins in the cryptocurrency market have already come to life on the 30th of April with the month ending quite peacefully. It was pretty eventful, as the options expiry was set at a price of $4.2 billion- without any iota of controversy. Several reports from Cointelegraph Markets and TradingView have already displayed that BTC came up strongly even after falling to a level below $53,000 on the 29th of April. On Friday, the value for the cryptocurrency has risen to $57,400.

Bitcoin Has Made A Strong Comeback 

According to Michael Saylor, the CEO of MicroStrategy, the company has seen a rise of 52% in its revenue when compared to the same last year. This has brought forth arguments that Bitcoin should be held by its balance sheet- which will allow people to combat every form of inflation all the while bringing out newer investors. 

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The digital currencies from the Central Bank have also started gaining a major foothold with the Bank of England revealing that it is progressing ahead with its plans of instituting the digital pound. The Central Bank of France also came to the forefront on the 29th of April after they managed to settle a debt of $100 million using a CBDC. 

Although most of the attention is deposited on cryptocurrencies like Bitcoin and Ethereum, several altcoins have managed to snag some of it from traders on Friday with their prices seeing gains in the double-digit. 

IoTex was the most powerful performer amongst the cryptocurrencies, excluding Bitcoin, as it rocketed 75% to a high of $0.085. The project of blockchain is being used to solve several issues that have cropped up in scalability, privacy, and the high costs of operating. Needless to say, they have been limiting the opinions of mass adoption by the ecosystem of the Internet of Things. 

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