Bitcoin stood around a price of $32,000 in a stronghold after comments from Jack Dorsey, Elon Musk and Cathie Wood helped it out. The digital asset went on to trade at a price near $32,000 on Thursday after it jumped at an upward trajectory of 6.5% just a day back. Several other cryptocurrencies, like Ethereum and Dogecoin, have also held onto their gains- similar to the Bloomberg Galaxy Crypto Index.
Bitcoin’s Recovery Has Been Slow, But Has It Been Steady?
While Tesla already has ownership over several shares of Bitcoin, the CEO of the company did reveal at a later conference that SpaceX also has ownership over the cryptocurrency. He further added that he would be delighted to see the cryptocurrency succeed- which would be quite a feather in his cap as he has personally purchased Ethereum, BTC, and Dogecoin. Cathie Wood, one of the heads of Ark Investment Management has claimed that most corporations should be readily available to add BTC to their balance sheets already.
Chris Weston, the head of Research with Pepperstone Financial Pity, has stated that although there has been quite a smooth flow for Bitcoin, a singular day of profit does not really bring out a trend. Also, more work is on the cards if the cryptocurrency has to truly appeal to a large section of the crowd.
As it stands, the cryptocurrency market recently suffered a loss of $1.3 trillion. BTC has been going through its own range of obstacles, which does include regulatory scrutiny from China and multiple concerns about the energy that is required to mine the token. Investors also have turned more cautious about the speculative assets of this cryptocurrency.
Nonetheless, Bitcoin did manage to come back after going through a slide below $30,000 just some days back. This is being seen as a key line of support by most of the technical analysts around.