2 Key Reasons Why Bitcoin Bulls Expect Further Upside

2021-2-19 02:59

Bitcoin has seen strong gains over the past seven days. According to CoinGecko, the leading digital asset is up 16% in the past seven days, outperforming Ethereum and a number of other digital assets.

Despite this strong rally in the price of the leading digital asset, analysts are expecting further gains in the weeks ahead.

Here are a few reasons why this sentiment has been shared about Bitcoin.

Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment #1: Bitcoin Is Seeing Strong Corporate Demand

Bitcoin is seeing strong demand from players like MicroStrategy and other corporate players.

Just this past week, it was revealed by the business services company that it will be raising nearly $1 billion to buy Bitcoin through the sale of corporate bonds. The firm announced on the matter:

“MicroStrategy® Incorporated (Nasdaq: MSTR) (“MicroStrategy”) today announced the pricing of its offering of $900 million aggregate principal amount of 0% convertible senior notes due 2027 (the “notes”). The notes will be sold in a private offering to qualified institutional buyers… MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin.”

It is expected for this sale to end in the coming week. Should the sale succeed, the proceeds will be “TWAPped” into the Bitcoin market, representing a material increase in demand for the leading digital asset.

MicroStrategy Announces Pricing of Offering of Convertible Senior Notes $MSTRhttps://t.co/jjyklHpXzp

— Michael Saylor (@michael_saylor) February 17, 2021

Other corporations such as Twitter are also looking into purchasing Bitcoin to hedge their balance sheets against the inflationary effects depressing the U.S. dollar.

Related Reading: DeFi Founder Targeted in $8m Hack Says He Has His Hacker’s IP #2: Inflows Likely to Increase With Custody Solutions

There are prominent investment banks and institutional players that are working on institutional custody solutions that are likely to drive demand for Bitcoin and other digital assets.

As reported by The Wall Street Journal, Bank of New York MellonCorp., the nation’s oldest bank, is working on a digital asset custody solution.

The firm said last week that it is working on a system that will allow it to “hold, transfer and issue bitcoin” and other digital assets.

The firm’s executives see that there is an increasing amount of demand for Bitcoin and other digital assets.

BNY Mellon’s offering will be unique in that both retail and institutional players will be able to access Wall Street-grade custody for both digital assets and traditional assets through one broker, which may lower the barrier to entry for prospective investors.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing Featured Image from Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt 2 Key Reasons Why Bitcoin Bulls Expect Further Upside

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 98722.24 (+0.35%)
Объем 24H $105.672b
Изменеия 24h: 3.97 %, 7d: 11.89 %
Cегодня L: $97827.07 - H: $98728.53
Капитализация $1953.06b Rank 1
Цена в час новости $ 52697.64 (87.34%)

past digital seven days bitcoin reasons asset

Источник: newsbtc.com

past digital → Результатов: 126


Фото:

Report: Bitcoin Bull Run and Rising Awareness of Digital Currencies Led to a 20% Increase in Crypto Related Lawsuits in China

A report from China says as many as 872 lawsuits relating to cryptocurrencies were filed in the past year, a figure which is approximately 20% more than that of 2019. Using data obtained from the China Judgment Document Network (CJDN), the report shows that the province of Guangdong had the highest number with 106. Completing […]

2021-1-29 21:00


Фото:

Chiliz (CHZ), Curve DAO (CRV), TomoChain (TOMO) price analysis

Persistent price volatility in Bitcoin (BTC) price action and other similar cryptocurrencies indicates a potential need for stablecoins and other less volatile digital currencies.  Fundamental analysis: Altcoins may prosper Bitcoin has been on a frenzy over the past year, however, its high volatility and the need for less volatile cryptocurrencies are being mentioned again among […] The post Chiliz (CHZ), Curve DAO (CRV), TomoChain (TOMO) price analysis appeared first on Invezz.

2021-1-15 19:24


These Key Factors All Point to an Imminent Bitcoin Rally: Analyst Claims

It has been a turbulent past day for the crypto markets, with Ethereum and most other major digital assets all seeing intense selloffs yesterday Bitcoin was able to avoid seeing any intense decline, with buyers ardently defending its price from breaking below $23,000 The buying pressure here has proven to be quite intense and may continue bolstering its price action for the days and weeks to come One analyst is also noting that its mid-term […]

2020-12-27 21:00


SNX Price to Uptrend Past $2,000 & Reach 3x Ethereum’s Current Market Cap: Report Predicts

DeFi bluechip Synthetix (SNX) is one of the biggest gainers of 2020, with more than 863% YTD. With a $707 million market cap, SNX is the 40th largest cryptocurrency trading at $6.32. However, according to the latest report, the DeFi token has a potential to go 364x from here that would take the digital asset’s […] The post SNX Price to Uptrend Past ,000 & Reach 3x Ethereum’s Current Market Cap: Report Predicts first appeared on BitcoinExchangeGuide.

2020-12-20 17:17


Фото:

Peter Schiff Blames Government for the Massive Dollar Depreciation — Still Refuses to Accept BTC is Digital Gold

Gold bug and bitcoin opponent Peter Schiff says the U.S. government’s actions in the past 78 years are partly responsible for the massive depreciation of the U.S. dollar. Using a medical bill from 1942 to illustrate the extent of the dollar’s decline, Schiff says the $70 paid to foot hospital expenses that year was equal […] The post Peter Schiff Blames Government for the Massive Dollar Depreciation — Still Refuses to Accept BTC is Digital Gold appeared first on Bitcoin News.

2020-12-14 12:30


Фото:

Analyst: Ethereum is About to Follow Bitcoin and See a Parabolic Move

Following a prolonged period of Ethereum severely underperforming Bitcoin and the rest of the crypto market, it is finally reversing this trend ETH has been able to post massive gains throughout the past 24-hours, surging beyond multiple key resistance zones as bulls aim at breaking above $450 This has revitalized the aggregated altcoin market, with DeFi tokens being particularly impacted by Ethereum’s strength These digital assets are now seeing their first signs of ending their […]

2020-11-7 23:00


Фото:

Ethereum Rebounds Following Recent Nosedive; What Analysts are Expecting

Ethereum has been taking a beating throughout the past few days as all eyes closely watch Bitcoin The crypto has been severely underperforming BTC as of late, with the benchmark digital asset seeing a sharp rise in market dominance as altcoins stagnate This could be due to ETH and other alts lagging, which would indicate that a sharp move higher is imminent in the near-term One analyst is noting that a reclaim of $410 is […]

2020-10-27 23:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru