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Markets to date: bitcoin price touched $ 50,000 in new bullish momentum

Markets al día is an exclusive summary of the news that moves the bitcoiner economy. It is sent in advance by email to a list of subscribers and then published every Monday on CriptoNoticias. If you want to have the information in advance, subscribe to the list here.

Bitcoin managed to break several records this week in a continuation of its bull cycle. On Monday, February 8, the first cryptocurrency registered a rebound of almost USD 8,500, the highest daily gain in its price in its entire history, a fact reported by CriptoNoticias . In addition to reaching USD 46,700 that Monday, at dawn on Tuesday, February 9, the first cryptocurrency surpassed USD 48,000 to establish another all-time high.

This notorious rise in the price of bitcoin (BTC ) was associated with the disclosure of the acquisition of USD 1.5 billion in bitcoin by Tesla , a fact reported to the United States Securities and Exchange Commission and which was reported by this means.

The rest of the week, the price oscillated below USD 47,000, until an announcement about the interest of the multinational financial services company in Bitcoin, Morgan Stanley, reviewed this Sunday 14 by CriptoNoticias, brought the price of BTC very close to USD 50,000, to USD 49,531. At the time of this writing, BTC is trading at $ 47,581, representing a 25.6% weekly advance.

New wave of retail investors

While new institutional investment initiatives in bitcoin take place, there is also a new wave of retail investors, who are arriving in numbers close to 20,000 a day, from According to the latest newsletter on Bitcoin by Willy Woo, commented this Sunday by CriptoNoticias.

In his analysis, Woo raised the floor price or critical support level of bitcoin, from USD 29,000 to USD 34,400. Building on what he sees as a new bitcoin price consolidation cycle this week, Woo predicts a price rise to $ 63,000 in the coming days. But before that goal set by Woo, there is an important expectation for the arrival of USD 54,000, price that takes the capitalization of Bitcoin beyond one trillion dollars.

Bitcoin and ether exceed one trillion dollars

For now, the combined market capitalization of the first two cryptocurrencies, BTC and ETH, surpassed the billion-dollar mark, as reported by CriptoNoticias last Thursday, February 12. Bitcoin already has a capitalization of USD 909,240 million, while ether exceeded USD 208,000 million.

The accumulated capitalization of BTC and ETH reaches 74% of the total capitalization of cryptocurrencies. Combined, these cryptocurrencies are only surpassed in capitalization by five companies in the world : Google, Amazon, Microsoft, Saudi Aramco and Apple.

Featured tweet of the week

Highlighting the importance of the first two cryptocurrencies, this Messari tweet is limited to comparing the combined capitalization of both with financial companies. In addition to surpassing major groups of banks in the US and in the world, the tweet highlights that the leading pair of cryptocurrencies surpasses all public companies, except the five mentioned above.

BTC and ETH combined capitalization exceeds in value to the main financial institutions in the world. Source: companiesmarketcap.com

Altcoins remain auspicious despite the bitcoin boom

While the bullish cycle of bitcoin leads it to conquer new historical records, altcoins have shown greater gains in returns. CriptoNoticias published last Thursday an analysis comparing the monthly returns of the main cryptocurrencies.

82% of Top 50 cryptocurrencies by market capitalization outperformed bitcoin in the last 30 days. Another comparative study between bitcoin and altcoins found that while they had a 64% return in January of this year, bitcoin closed that month with 14% gains.

Follow the institutional boom of Bitcoin

The oldest bank in the United States, The Bank of New York Mellon (BNY) announced this week that it will safeguard various digital assets for its clients, including bitcoin and other cryptocurrencies. The financial institution has more than 41,000 million dollars in custody of multiple assets.

On the other hand, CriptoNoticias reported this Wednesday, February 10, that Mastercard will allow its affiliated businesses to receive payments in bitcoin later this year. Cryptocurrency settlement at Mastercard-affiliated merchants could help drive mass adoption of bitcoin as a means of payment.

Another company that could join the wave of institutional investment in bitcoin is social network Twitter. The company’s CFO, Ned Segal, stated in an interview with CNBC that that firm is evaluating an investment alternative in that cryptocurrency. Twitter CEO Jack Dorsey has already taken a step towards institutional investment in bitcoin with Square, a company of which he is also CEO.

First Bitcoin ETF in North America

The Canadian investment firm Purpose Investments announced last 11 February that had been authorized by the regulators of that country for the issuance of the first Bitcoin Exchange Traded Fund (ETF). This ETF is designed to provide investors with exposure to bitcoin, through investment in said cryptocurrency, with physical settlement.

That same day, the member of the Securities and Exchange Commission From the United States (SEC), Hester Peirce, said in an interview, as reported by CryptoNews, that the United States is now ready for an Exchange-Traded Product (ETP) of Bitcoin. ETPs are instruments that are traded on an exchange and track underlying securities, an index or other financial instruments.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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