BTC Briefly Touches $50K with the US and Chinese markets closing for the holidays and investors awaiting a new surge soon so let’s read more in our latest Bitcoin news.
Investors are increasing the stablecoin reserves in anticipation of another bull run with the US markets closing but the European stocks surging as the economic recovery continues. While the stock traders in China and the US took a breather from trading thanks to the national holidays, the attention turned to BTC’s breach of $50K before it eased back lower.
The news came amidst the Asia trading hours as the investors were accruing capital in anticipation of the price movement and the trend was then spotted by CEO Ki-Young Ju who noted on Twitter that the reserves in stablecoins are building up steadily on exchanges. The trend was typical according to Ju because traders who will hold their crypto in dollar-pegged tokens and wait for the perfect buying conditions are still here. Whether BTC goes back above $50K seems to be a conclusion but the question is how much further can BTC go.
This $50k battle is about Coinbase whales(USD) vs. Stablecoin whales(USDT).
Negative Coinbase premium, but plentiful stablecoins in exchanges. Negative premium should be cooled down to get another leg up.
— Ki Young Ju 주기영 (@ki_young_ju) February 16, 2021
The bullish trend helped the broader crypto market recover from the Monday losses as the global market cap now going back above $1.5 trillion while in less than eight weeks, the crypto added $1 trillion to the total value. ETH clawed back over half of the losses to $1800 while other projects went even further including Polkadot’s DOT, Cardano, and Cosmos. Just as the crypto seems to have clawed its way up of the hole of the earlier days, two stories cropped up to remind us that there’s still an element of wild price action.
The first involves Verge Token which is a favored means of payment for performers on adult site PornHub as it seems to have lost 200 days worth of transactions suggesting that it suffered a 51% attack. Next up is Chainalysis’s Crypto Crime Report which made off with $2 billion in ill-gotten gains in 2020.
BTC briefly touches $50K while the Dow Jones Futures increased $0.8%, S&P futures climbed 0.7% and Nasdaq increased by 0.7%. Chinese markets were closed thanks to the Chinese New Year celebrations but other exchanges were open.
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