Above $60K and Back, Bitcoin’s Wild Rollercoaster: The Crypto Weekly Recap
This was an important week in Bitcoin’s history. For the first time ever, the price reached an all-time high above $60,000. Regardless, it was an intense few days in terms of price action, and many altcoins also experienced serious volatility.
It all started last weekend. On Saturday, the price started trending upwards and managed to breach $60K for the first time in history. In fact, it went as high as $61,800 and actually managed to hold above the important level throughout the entire weekend.
On Monday, however, it was all doom and gloom. The price corrected all the way down to about $53,000 in a few violent swings. This left its mark as we saw over $2.2 billion worth of long positions liquidated as the bears clear had the upper hand. It wasn’t long after that, however, that BTC started ascending again and before we knew it, the price was once again battling for the $60K level.
More or less, the same thing happened with a lot of altcoins. Cardano, however, went on a spree, charting a new all-time high following a massive spike that seemingly resulted from a Coinbase Pro listing.
Interestingly enough, the most recent rally in Bitcoin’s price that took it above $60k for the first time ever wasn’t caused by institutions. That’s according to JP Morgan, which claims that retail investors were the driving force behind the price surge.
Elsewhere, CryptoPotato had the pleasure of interviewing the owner of a small pizzeria in Alabama, who shared his story of how he bought $200K worth of Bitcoin last year and is already enjoying profits of more than 350%. This goes to show that BTC is definitely not only primed for institutions and retail ventures can also use it as a hedge against inflation.
This doesn’t mean that the big boys have given up. Just the opposite – a couple of days ago, the Chinese tech giant Meitu bought another $50 million worth of both BTC and ETH, and its current bitcoin holdings total around $90 million.
Moreover, with the Biden COVID Relief package approved, US citizens will receive another stimulus check, this time worth at least $1,400. Two studies already determined that at least 10% of them plan to use them to buy BTC and other cryptocurrencies. In other words – we have exciting times ahead of us, and it’s interesting to see how things will pan out.
Market Cap: $1817B | 24H Vol: 117B | BTC Dominance: 60.6%
BTC: $58,979 (+2.92%) | ETH: $1,834 (+3.78%) | XRP: $0.472 (+6.79%)
This Week’s Stories You Better Not Miss
Between 7%-10% of Americans Plan to Buy Bitcoin with their Stimulus Checks: Poll. According to two different surveys, about 10% of US citizens plan to use the latest $1,400 stimulus check they would receive to buy bitcoin and other cryptocurrencies. This doesn’t sound so surprising, given that we saw a similar phenomenon back in 2020.
Tech Firm Meitu Buys Another $50 Million Worth of Bitcoin and Ethereum. A software development company listed on the Honk Kong Stock Exchange, Meitu, mostly known for its selfie-editing application, has bought another $50 million worth of Bitcoin and Ethereum. With this, the company’s total BTC holdings currently amount to $90 million.
Not Just MicroStrategy: The Story of a Small Pizza Business that Bought Bitcoin Worth $200K. Institutions are not the only ones who are buying bitcoin. The owner of a local pizzeria in Alabama purchased $200K worth of BTC last year and is now sitting on more than 350% ROI. This shows that smaller investors can also diversify amid uncertain economic times.
Bitcoin New ATH Set Around $62K After Gaining $15K In Just 8 Days. In less than 8 days, Bitcoin’s price managed to gain upwards of $15,000. As a result, it charted a brand new all-time high just shy of $62,000. This is the first time in its fairly nascent history when the cryptocurrency was able to break above $60K.
Retail Investors Bought More Bitcoins Than Institutions in Q1 2021, JPMorgan Says. The surge above $60K wasn’t caused by institutional investors but rather by retail buyers. This is what JP morgan determined. If true, it would mean that smaller investors are finally catching up and entering the space at a higher rate.
Wall Street Giant Morgan Stanley to Enable Institutional Clients Access to Bitcoin. The giant multinational investment bank Morgan Stanley, reportedly becomes the first one to enable its institutional clients to gain exposure to bitcoin through three funds.
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and Binance Coin – click here for the full price analysis.
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Cryptocurrency charts by TradingView.