The odds in favour of Bitcoin breaking above $60,000 are fast gaining ground, taking into account that rich investors have increased their pace in moving the world’s most popular crypto.
Large entities are moving a significant portion of their BTC holdings, as a wealthy investor has moved 3,554 BTC worth $208 million in block 675,398 some hours ago.
Whale alert! ? Someone moved 3,554 BTC ($208M) in block 675,398 https://t.co/vtGdwURYrp
— Bitcoin Block Bot (@BtcBlockBot) March 20, 2021
The flagship crypto is the first successful global peer-to-peer cash implementation that lets everyone, no matter who or where they are, store and exchange value with others.
READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban
Traders are key on the crypto for payment transfers as it offers much quicker and cheaper options than with conventional banking and services.
At the time of writing, the crypto was trading at $58,552.96 on the FTX exchange with a daily volume of $47 billion. Bitcoin is up 1.16% for the day
As large entities accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
READ: Bitcoin on rampage, now worth over N10 million
- The flagship crypto has gotten more endorsements in recent weeks from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon, which showed support for Bitcoin. Mastercard had earlier disclosed that it would open up its network to some cryptocurrencies including Bitcoin.
- PayPal and the world’s largest asset fund manager, BlackRock, have also made big moves to support crypto.
This also means that over time, it’s possible that as the world’s most popular crypto asset approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
Good morning. Please what is the current update bitcoin market now and what is outlook for the week?