BTC Winning Streak Continues As Price Hits $61.7K: Analysis

The BTC Winning streak continues as the price hits $61.7K and managed to maintain it until the early hours of the morning. The price of the biggest cryptocurrency started pulling back and dropped to a point where it is now trading at $60,075 as we are reading more in our latest bitcoin news today.

That’s not much of a fall considering the currency hit a previous all-time high a few hours before. Bitcoin’s performance over the past week was bolstered by the announcement made by President Joe Biden who signed off a $1.9 trillion COVID stimulus package that was approved by the House of Representatives. It’s not certain whether the price-performance correlates to the announcement of the economic relief measures in the states but it does fit a pattern as the coin has weathered the pandemic well so the bTC winning streak continues.

While the value of the dollar declined and prompted an end of 2020 forecasts of the reserve currency’s collapse from banks like UBS, Goldman Sachs, and Citigroup, Bitcoin’s price shot up higher. From the start of the pandemic, the FED printed 20% of the US dollars in circulation which crashed the dollar price. To most investors, BTC Looked like an attractive store of value and a hedge against inflation so the institutions piled on.

The most public investment in the currency came back in February once Tesla disclosed in a US SEC filing that it purchased $1.5 trillion in BTC the month before. Musk’s decision to back BTC could have been influenced by Michael Saylor as his company Purchased BTC first. The company disclosed that it purchased another $15 million in BTC which is the third time this month that the company bought one.  Now, the company has a total of bitcoin holdings of $4.4 billion.

Chinese app companies have also entered the market with Meitu purchased $40 million in both ETH and BTC while Norwegian company Aker ASA set up a subsidiary to invest in BTC as well. BTC’s competitor ETH has some catching up to do before it hits an ATH of $2000 that was set three weeks ago. The big news in ETH was that Beeple sold a digital artwork that raised $69.3 million dollars. Also, Cardano’s ADA dropped as well while previously touching up on the ATH of $1.48. ADA made efforts to create a multi-asset blockchain that can compete with ethereum but the customers are still not into it that much.