Bitcoin delivered a strong performance Thursday after hitting a high near $57,000, up more than 11% since trading last week.
Bitcoin is back on the rise with expectations of reaching $60,000
Bitcoin delivered a strong performance today, Thursday, after reaching its highest level near $57,000, up more than 11% since trading last week, in a sign that investor demand for digital assets remains strong, and markets are awaiting a retest of the currency to all-time highs at 58,300 dollars.
Bitcoin which is the largest cryptocurrency by market capitalization is apparently continuing to make record highs on a daily basis, institutional investors are likely to play a vital role in this rally as the prevailing assertion is that the digital currency is attracting more and more big name companies.
Goldman Sachs President John Waldron said Wednesday that he has seen an increase in interest from its clients when it comes to investing in the leading digital currency, and also added that the bank will discuss with regulators how banks can handle digital assets in the future.
Banks are currently betting on bitcoin
The supply of Bitcoin is dwindling at the moment as institutional investors are buying, and many retail investors are holding the cryptocurrency for longer periods of time.
Asia is seeing a particular interest in increasing institutional investment, with China working to offer a state-backed cryptocurrency with the help of major private industry players.
An analyst notes crypto market The cryptocurrency is being embraced by big names ranging from BNY Mellon to Sky Bridge Capital that has pumped nearly $500 million into bitcoin over the past five months. Moreover, Morgan Stanley is considering whether to bet on the popular digital currency. JPMorgan will consider bitcoin trading if there is a demand from the customer, these banks and large companies are interested in the cryptocurrency for many reasons apart from the hype.
The leading cryptocurrency has become one of the assets that grabs global and significant attention, especially after some large investors and high-ranking companies have moved to invest in it in light of low global interest rates and central bank devaluation of fiat currencies.
Is there more height?
The cryptocurrency market has been on the rise since the start of the year, driven by strong gains in Bitcoin, although there are many reasons that supported the currency, but the announcement of the giant electric car maker Tesla buying $ 1.5 billion in the digital currency was one of the main drivers in its price Tesla is the latest company to invest in the world's largest cryptocurrency for its balance sheet and is currently the most popular company to do so.
The recent sell-off of the leading cryptocurrency came as investors avoided buying so-called “risky assets.” After bond yields soared, investors feared that rising inflation would drive up government borrowing costs and send Bitcoin down in the sell-off.
The price has now risen again above $50,000 to approach the record high above $58,000 set in February, this week is likely to be critical for the currency price as it will ultimately depend on action at an all-time high, if the currency continues its upward momentum from It is expected to cross the $60,000 level easily in the coming days.
A professional technical and economic analyst in global financial markets since 2004. He holds a Master’s in Business Administration from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.
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