Cryptocurrency

Bitcoin joins the trillion-dollar club with Apple, Saudi Aramco and Google

With the price of Bitcoin breaching $55,000, Bitcoin’s market value has now breached $1 trillion.

Published

2 weeks ago

February 20, 2021

Bitcoin suffers worst financial loss in minutes

The world’s most demanded crypto-asset, some hours ago, broke a very important milestone. With the price of Bitcoin breaching $55,000, Bitcoin’s market value has now breached $1 trillion.

Many crypto experts argue that this could be Bitcoin’s most important milestone to date, as it is now the sixth most-valuable asset worldwide. At press time, the world’s most valuable crypto asset traded at $56,434.8, up 10.01% on the day. It was the biggest one-day percentage gain since February 8.

The buying pressure sighted on Bitcoin pushed its market value up to $1,047.9 billion or 61.52% of the total cryptocurrency market value. At its highest, Bitcoin’s market cap was $1,038.9 villion.

READ: Why Bitcoin could triple in value annually

With a trillion dollars to its name, Bitcoin has now joined the highly prestigious club of trillionaires, that includes the likes of Apple, Saudi Aramco, Microsoft, Amazon, and Alphabet A.

Bitcoin had been trading between $55,415.1 and $56,552.6 for the day.

Over the past week, The flagship crypto asset has seen a rise in value, as it gained 18.5%. The volume of Bitcoin traded for the day to the time of writing was $64.7 billion or 38.41% of the total volume of all crypto assets.

READ: Ethereum breaks above $1,520 amid strong buying demand

There is no doubt, 2021 continues to shape up as a very exciting year for Bitcoin. The flagship crypto has gotten more credibility in recent days due to blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon, showing support for it.

Mastercard had earlier disclosed that it would open up its network to some cryptocurrencies including Bitcoin.

Related Topics:Amazon Apple Bitcoin Google Microsoft Saudi Aramco

Olumide Adesina

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

4 Comments

Juny
February 20, 2021 at 11:12 am
Bitcoin to the moon 🥂✨
Reply
Abam Abraham
February 20, 2021 at 1:55 pm
God bless you brother for the update
Reply
Ponder
February 20, 2021 at 2:35 pm
Instead of finding a way to cohabit the naira and bitcoin… CBN opted for outright ban. I don’t see how this ban will stop or slowdown the ragging effect of cryptocurrency in Nigeria
Reply
Atakuotor Olusola
February 21, 2021 at 7:30 am
Could you pls shed more light on how the bitcoin transactions work,2, with the cbn threat of sanction to banks involved in this how sure are we going to get the return back without any problem. What trades are involved with bitcoin to generate interest,tx
Reply

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Cryptocurrency

Unknown whale moves $342 million worth of Bitcoin

an unknown BTC whale moved 7,215 BTC (342,066,420 USD) transferred from an Unknown wallet to an unknown wallet

Published

20 mins ago

March 3, 2021

Olumide Adesina

A significant number of wealthy investors have increased their transactional volume lately in Bitcoin’s market amid rising price volatility in the ever-changing crypto-verse.

Data obtained from Whale Alert, a crypto analytic tracker, revealed that an unknown BTC whale transferred 7,215 BTC (342,066,420 USD) from an unknown wallet to another unknown wallet, some hours ago.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 7,215 #BTC (342,066,420 USD) transferred from unknown wallet to unknown wallet
Tx: https://t.co/r3g9rwiQ8r
— Whale Alert (@whale_alert) March 2, 2021

Active crypto-traders and powerful investors seem to now be using the flagship crypto asset of late as a form of treasury asset. Though it’s often challenging to anticipate market movements in the ever-changing crypto market, Bitcoin whales have shown historically that they often determine the BTC trend.

At the time of writing this report, the flagship crypto traded at $47,834.54 USD with a daily trading volume of $47 billion. Bitcoin is down 1.81% for the day.

However, it’s important to note that the market liquidity is tightening at the flagship crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, and hedge funds.

Recent reports reveal that MicroStrategy Inc. recently bought more Bitcoin to raise the enterprise-software firm’s holdings to more than $4.3 billion.

It’s critical to note that just 21 million Bitcoins are ever going to be produced in total, and presently, there are about 18.9 million Bitcoins in circulation.
This shows a differential of about 2.1 million Bitcoins left to be produced, not forgetting about 4.5 million Bitcoin that have already been lost forever.

Cryptocurrency

Bitcoins dash up strongly amid high buying spree

Bitcoin traded at $48,715.70 with a daily trading volume of $54.8 billion. Bitcoin is up 6.05% for the day.

Published

21 hours ago

March 2, 2021

Olumide Adesina

MicroStrategy, Data obtained from thecrypto analytics firm says that, the number of Bitcoin addresses having at least 0.1 BTC has risen by 14% over the past one year, Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market, Bitcoin hits $8,826, Pigs hit hard at BTC market, plunges 8%

The price of bitcoin and saw strong gains amid high buying pressures particularly from wealthy investors, as the entire market capitalization surged by 5.62% at the time this report was written.

Bitcoin traded at $48,715.70 with a daily trading volume of $54.8 billion. Bitcoin is up 6.05% for the day.

This is coming on macros suggesting the daily Bitcoin Spent Output Profit Ratio has seen a full reset and turned negative for the first time in five months – investors were on average moving BTC at a slight loss, indicating profit-taking has abated.

In an exclusive interview with Nairametrics, Louis Schoeman, a Snr. Forex analyst at Forexsuggest, a Luxembourg-based currency analytic firm explained the rationality behind Bitcoin’s recent surge.

READ: About 33% of pension funds, hedge funds now own digital assets such as Bitcoin

“A bitcoin market correction has definitely been made in the last 7 days. According to our analysis, the reason for the price rise again is that hedge funds are starting to invest more aggressively in bitcoin,” Schoeman said.

In addition a leading global bank, Citi had recently suggested the flagship crypto-asset could “become the currency of choice for international trade,” thanks to its “decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability.”

Crypto experts also argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming.

The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, Microstrategy, hedge funds, MicroStrategy Inc.’s Michael Saylor purchased more Bitcoin to raise the enterprise-software company’s holdings to more than $4 billion.

READ: British hedge fund earns £540 million from selling half of its Bitcoin holdings

Recent reports reveal that MicroStrategy Inc. recently bought more Bitcoin to raise the enterprise-software firm’s holdings to more than $4.3 billion.

It’s critical to note that just 21 million Bitcoins are ever going to be produced in total, and presently, there is about 18.9 million Bitcoin in circulation.

This shows a differential of about 2.1 million Bitcoin that are left to be produced, not forgetting about 4.5 million Bitcoins that have already been lost forever.