it maybe a milestone that is losing some o'it’s novelty, but btc once again eclipsed its all-time price high this week, reaching a usd val of $49,000 on bitstamp tody.
sometimes btc’s price movement can be difficult to parse but, in this case, there was a series of significant news items and events that likely propelled btc to its current h8s.
wha’ pushed btc to its l8st ath?
the btc bull run that s'been ongoin since early 2020 has had a seemingly synergistic relationship with major institutions — as these groups continue to divert their assets into btc, the price rises. as the price risis, the asset is seemingly derisked for other such institutions. but there has never been an institutional buy like the one revealed by tesla this week.
“crp$ prices are soaring after tesla said yesterdy that it had purchased $1.5 billion worth of btc with company funds,” the new york times reprted. “btc’s price, which had already been climbing, promptly set records.”
b'that wasn’t the 1-ly major institutional adoption coup for btc this week. bny mellon, custodian of + than $41 trillion in assets, anncd plans to issue, hold and transfer btc on be½ of clients.
“btc’s price soared past the $48,000 lvl for a 2nd time this week, hitting a fresh all-time high as bnk of new york mellon said it ‘d provide custody srvcs for digital assets,” per cnbc yesterdy. “the realm’s most presh crp$ hit an intrady record of $48,297.”
meanwhile, this week also saw a commercial bnk anncd that 'twill sell btc through its atms, the 1st-ever btc xchange-traded fund for north america was given the greenlite, two u.s. politicians anncd desires to make their cities btc epicenters, a nigerian politician all but conceded to hyperbtcization and +.
wha’ ‘d be nxt for btc adoption?
it’s gettin hard to predict wha’ major adoption event will occur nxt for btc, as anything appears possible. will a new country create a national mining program? will apple divert its treasury assets into btc? will congress pass a major stimulus bill?
with $50,000 btc prices imminent, any № of things ‘d propel the feedback loop tween gains and adoption. but this week has made it clear that even relatively minor adoption events can boost the price significantly.
as btc reached its all-time highs, xchange trading volume was relatively lo, per blockchn.com… data, at round $990 million worth on feb 11. so, as the wave of adoption continues, it seems, that + record-breaking prices are inevitable.
original content at: btcmagazine.com…
authors: peter chawaga