Leading cryptocurrency Bitcoin solidifies its position as a mainstream macro asset.
Because cryptocurrency was advertised television screens nationwide last week and in the pages of the Financial timesBitcoin adoption wave has intensified. Day trading social media mogul Dave Portnoy deals with cryptocurrency and MicroStrategy, a publicly traded company with more than $ 1 billion in revenue, has chosen Bitcoin as a reserve. Even a former skeptic George Ball, chairman of investment firm Sanders Morris Harris, has advised investors that Bitcoin is a safe bet.
These fundamental developments have stimulated the crypto market. Ethereum broke the USD 400 level to hit a two-year high at USD 440, challenging critics debating sharply over the cryptocurrency’s delivery, marking gains of more than 400% since the March low.
Bitcoin, meanwhile, has quickly recovered from a sudden drop early last week, once again going against key resistances at the $ 12K level.
Highlights of this month
- MicroStrategy makes Landmark Bitcoin Play
- Tron and EOS are in the spotlight
MicroStrategy makes Landmark Bitcoin Play
In a watershed moment for cryptocurrency, the Nasdaq-listed software company MicroStrategy invested half of his treasury in Bitcoin. CEO Michael Saylor said the cryptocurrency’s “distinctive features” will “not only provide a reasonable hedge against inflation, but also the prospect of higher returns than other investments.”
As a multi-billion dollar company backed by financial giants BlackRock and Vanguard, MicroStrategy’s move gives the green light to other companies in corporate America who may be considering using Bitcoin as a reserve. And since prominent funds, including the public employee retirement plans in California and Oregon, have MicroStrategy, millions of US citizens are now indirectly exposed to Bitcoin.
Tron and EOS are in the spotlight
Tron rose almost 30% after the founder Justin Sun confirmed the development of the decentralized exchange protocol JustSwap, with an increase of more than 300% since the March low.
Competitor EOS is aiming for a 7.8% gain in the week and close to 200% from the bottom.
The coming week
Bitcoin’s tenacity to hammer away at $ 12K bodes well for its continued bull run, with each new test of this important resistance level increasing the likelihood that it will be broken in future attempts.
At the same time, the bull stories supporting the price action only seem to be getting stronger, with mainstream voices now advocating for Bitcoin as an inflationary hedge, continuing unabated.
However, the recent fall in gold could put buyers on edge, with a possible price change in the precious metals market affecting Bitcoin.
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