Crypto industry affected by Bitcoin’s break of $20,000… Highlights and predictions
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Answer Crypto industry affected by Bitcoin’s break of $20,000… Highlights and predictions
Bitcoin did it and broke the $20,000 level, and not only that, but it reached $22,000 at the time of writing this article.
The price of Bitcoin surged past the $20,000 level yesterday, just a few weeks after it broke an all-time high.
The current price of Bitcoin is $22,350.
Although the rise was expected by many, it was a little surprising.
Here are the most prominent comments about the rise of Bitcoin to a new record.
Most notable comments:
He said Zack Prince, CEO of crypto lending platform BlockFi, told the source:
We all knew this was coming, it was just a matter of time.
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It’s good to see market validation for all the hard work this industry has put in over the past few years.
He added:
It’s still early days.
It will be much higher this time next year.
As Peter Smith, CEO of Blockchain.com, says:
From 2011 to 2014, Bitcoin was a great experience.
From 2014 to 2017, we knew it would work.
From 2017 onwards, bitcoin has become an inevitable thing.
I bet on the inevitability of Bitcoin.
For his part, Alex Mashinsky, CEO of Celsius Network, a digital currency lending platform, said:
Stabilize now, because we will visit the $22,000 level at least half a dozen times before we move to the $30,000 range later in 2021.
I think we will also retest the $14-16K levels either over the weekend with low trading volumes or as bad news emerges.
What caused the price of bitcoin to rise?
There are a number of factors that have contributed to the current rise of Bitcoin.
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These factors include PayPal entering the arena and adding the option to buy and sell cryptocurrencies.
In addition, the company “Grayscale” that manages cryptocurrency funds and buys more bitcoin in addition to the entry of “MicroStrategy”, “Square” and “MassMutual” to the arena and their purchase of large amounts of bitcoin.
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Referring to the CEO of MicroStrategy and the uptake of Bitcoin, William Noble, chief technical analyst at Token Metrics, said:
There is one important lesson to learn from Bitcoin’s rally above $20,000, which is:
Don’t get in the way of Michael Saylor.
He buys tens of millions at a time and is not interested in the price.
In fact, not all institutional buyers care about price anymore.
They have to buy it before the end of the year.
If not, they will be considered far from what is happening!
Read also:
Detecting fraudulent use of Bitcoin ads and impersonating famous people
How do cryptocurrency exchanges generate revenue?
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