World’s biggest cryptocurrency is BACK with a BANG!
With a striking plunge, bitcoin wiped out $100 billion in its market value which is closest to its all-time high. The reason behind this plunge is: big corporations like Visa and PayPal have announced to join hands with cryptocurrency along with many other institutions to help in the expansion of crypto offerings.
Bitcoin has enjoyed an unprecedented surge in prices during the past year, as the institutional adoption booms because of the inflation fears, on account of a large chunk of budgets being spent by the government in combating the coronavirus pandemic.
After Elon Musk’s announcement that Tesla will readily accept bitcoin for its business transactions and purchase of the vehicles, the cryptocurrency saw a sudden surge in demand compared to its competitor U.S dollar.
Morgan Stanley just announced that it was planning to open bitcoin exposure for its valuable clients while limiting the funds for the investors.
Fidelity Investment has filed for an application to make its first bitcoin exchange-traded fund official which will enable the cryptocurrency to be freely floated in the market.
Edward Moya, senior market analyst at Oanda has called the cryptocurrency’s endorsement by Wall Street as proof that it is all set to be accepted at the mainstream.
This development comes just days after Visa announced its plan to settle down matters with cryptocurrency. PayPal has also announced its new cryptocurrency checkout service. According to sources, this new service which is scheduled to be launched in the upcoming days will allow almost 375 million of its customers to shop by using cryptocurrency.
Moya claimed that in no time bitcoin will push past $60,000 after the recent developments will be more than enough to keep the bullish trend continuing.
All these recent developments have resulted in an unprecedented surge in bitcoin prices, as it led market capitalization up to a whopping $1.1 trillion.
Bitcoin has surged over 800% in the past year. It is becoming a household commodity with more institutions recognizing its true worth and endorsing it.