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, Bitcoin reached its highest level since May with the recent price spike, Forex-News, Forex-News
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$41,085.26
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Bitcoin reached its highest level since May with the recent price spike

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, Bitcoin reached its highest level since May with the recent price spike, Forex-News, Forex-News

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, Bitcoin reached its highest level since May with the recent price spike, Forex-News, Forex-News

After Bitcoin will spend much of the day in a negative trend yesterday, cryptocurrencies had a late surge on Friday. This is how bitcoin reached its highest level since mid-May. Bitcoin is currently trading above $ 41,400 at the time of this writing. Growing 6.5% compared to yesterday, and more than 15% during last week. This is pointed out by our internal crypto online tool.

The bullish sentiment has returned after a strong sell-off in May. And, two months of consolidation above the $ 30,000 support level.

Meanwhile, Federal Reserve Chairman Jerome Powell assured markets this week that the US central bank is considering when to start liquidating its $ 120 billion bond purchase program each month. But Wall Street analysts are already wondering what will come after that.

According to Bank of America, the Fed may not be able to raise interest rates anywhere close to historically normal levels in the near term. That implies that monetary policy could remain flexible for years. Even after the Fed stops actively printing money to pay for US Treasury and mortgage bond purchases.

Bullish growth for the rest of the market besides Bitcoin

The dynamics may be bullish for Bitcoin, because many investors see the cryptocurrency as a hedge against inflation and dollar debasement that could come from easy money policies. On the other hand, the bullish sentiment has favored not only Bitcoin, as the rest of the market has seen significant improvements.

Ethereum, Binance coin, XPR, Cardano, Dogecoin among others, have had increasing movements in the last 24 hours. Bullish growth between 2% and 5% for those mentioned. As described by crypto online.

MicroStrategy CEO compares loan to buy Bitcoin to early investment in Facebook

The CEO of the business software company MicroStrategy, which has more than 105,000 bitcoins in its reserves. He told CNBC on Friday that borrowing money now to buy more bitcoin was like investing in one of the dominant tech companies in the early days.

“If you borrow billions of dollars at 1% interest and invest it in the next Big Tech digital network that you thought was going to be the money dominator on Amazon, Google or Facebook, why wouldn’t you?” MicroStrategy’s Michael Saylor said, according to CNBC. “I mean, if I could borrow a billion dollars and buy Facebook a decade ago for 1% interest, I think I would have done pretty well.”

Saylor noted that his company has a debt of 2.2 billion dollars and pays about 1.5% interest on that debt. Since last August, his company has financed his purchases of massive amounts of Bitcoin. Utilizing company cash flows, equity issuance, convertible debt, senior secured debt, and a shelf record of $ 1 billion.

Large VC firms are bypassing small crypto investors, according to Henri Arslanian

As cryptocurrencies take over mainstream finance, previously cautious investors around the world. They are rethinking their stance of regarding cryptocurrencies as a bad investment. This change of mind leads to a higher market valuation of crypto companies due to increased funding from investors.

Citing this trend, PwC’s cryptocurrency leader Henri Arslanian claimed that the largest venture capital, private equity, and pension fund players are outpacing smaller boutique firms and family offices to engage in the latest innovations in around cryptocurrencies.

As the cryptocurrency ecosystem continues to redefine the future of the asset class, Arslanian noted that the volume of cryptocurrency mergers and acquisitions has recently doubled. He underscored how this year crypto companies were able to raise $ 3 billion worth of M&A in 2020 in just three months.

Of interest to be well informed

  • The popular investment application eToro, announced that it is including the Shiba Inu (SHIB) token to its trading platform. Although the news does not seem to have favored the cryptocurrency, whose price remains in a downtrend.
  • Decentralized finance (DeFi) projects are working to launch on Cardano once the blockchain rolls out its smart contract functionality.
  • A provision of the new US infrastructure law is seeking to step up taxation of cryptocurrencies. As well as increasing surveillance of the sector.
  • Avalanche releases an updated bridge, preparing DApps for widespread adoption. Avalanche (AVAX) is replacing its months-old Avalanche-Ethereum Bridge, or AEB, with the aptly named Avalanche Bridge, or AB. According to a Medium post from the company.

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, Bitcoin reached its highest level since May with the recent price spike, Forex-News, Forex-News

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