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Hedge Funds, Institutional Investors Push Bitcoin Towards $60,000 Per Coin

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Bitcoin Approaches $60,000 Per Coin Amid Surge in Demand by Institutional Investors

Bitcoin sustained its bullish run on Saturday as the world’s most capitalised cryptocurrency blasted through $57,000 per coin to set a new all-time record at $57,072 per coin.

The dominant cryptocurrency gained 8.27 percent or $4,354.18 in the last 24 hours as more institutional investors and hedge funds jump on the fast-running digital asset to hedge against inflation and economic uncertainty.

The rising demand for the world’s digital gold has now outpaced its supply according to experts.

“Through the insatiable buy-side pressure from exchange-traded fund (ETF) issuers, closed-end funds and large public corporations adding bitcoin to their positions, demand is massively outstripping supply,” said John Willock, chief executive at digital asset exchange Blocktane. “I feel confident that we won’t see a massive crash like post-2017.”

The year-to-date returns rose to 90.36 percent. While investors transacted bitcoin worth $15.93 billion in 340,244 transactions at an average transaction fee of $26.40 in the last 24 hours.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Bitcoin

MicroStrategy Dumps Over $1 Billion on Bitcoin, Now Holds $4.78 Billion BTC

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MicroStrategy Dumps Over $1 Billion on Bitcoin, Now Holds $4.78 Billion BTC

MicroStrategy, a business intelligence firm, announced it has purchased another 19,452 Bitcoin worth $1.026 billion.

The company joined Square and other companies that bought the dip witnessed earlier this week after Elon Musk, Bill Gates and Janet Yellen commented on the fast-rising digital currency.

MicroStrategy now holds 90,531 Bitcoin worth $4.78 billion, more than Elon Musk’s Tesla acquisition of $1.5 billion.

Michael Saylor, the Chief Executive Officer (CEO), MicroStrategy continues to pursue a coin acquisition strategy now codified in the business intelligence company’s mission.

Square purchased 3,318 Bitcoin at an estimated $170 million value on Tuesday when the world’s most dominant cryptocurrency dipped to $45,000 before rebounding to the current level.

Bitcoin presently trading at $49.233.71 per coin as of the time of writing.

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Bitcoin Rebounds To $50,881 Per Coin on Wednesday

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Bitcoin Rebounds To $50,881 Per Coin on Wednesday

Following Elon Musk, Janet Yellen and Bill Gates’ comments that plunged the world’s new gold, Bitcoin, on Monday, the digital asset has rebounded from $48.321 per coin to $50,881.63 as of 10 am Nigerian time on Wednesday.

Bitcoin gained 5 percent in the last 24 hours due to the surge in transactions by investors after Square, a payments giant, announced it has added 3,318 Bitcoin valued at $170 million to its holding of the coin on Tuesday.

Investors carried out 288,011 transactions valued at $16.91 billion in the last 24 hours.

Bitcoin briefly rose to as high as $51,413.61 to pare losses and extend year-to-date returns to 72.29 percent.

The digital currency was trading at an all-time high of $58,332.36 per coin before Elon Musk, the then world’s richest man said the dominant cryptocurrency is “too high too fast”.

Also, Bill Gates, in a recent interview with Bloomberg, said he is not bullish on Bitcoin. The third richest man in the world and the founder of Microsoft said, bitcoin uses too much energy and can cause a lot of trouble for investors who may not have much money to spare like Elon Musk.

He said “Elon has tons of money and he’s very sophisticated, so I don’t worry that his Bitcoin will sort of randomly go up or down,” Gates said during the interview. “I do think people get bought into these manias, who may not have as much money to spare, so I’m not bullish on Bitcoin, and my general thought would be that, if you have less money than Elon, you should probably watch out.

Janet Yellen, the former Chair of Federal Reserve and the present Treasury Secretary of the United States has been vocal about the environmental impact of Bitcoin given the amount of power needed to mine digit tokens.

I don’t think that bitcoin is widely used as a transaction mechanism,” Yellen told the New York Times on Monday. “It’s an extremely inefficient way of conducting transactions and the amount of energy that’s consumed in processing those transactions is staggering.

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Elon Musk Net Worth Tumbles With Bitcoin Value

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Elon Musk Net Worth Tumbles With Bitcoin Value

The now second richest man in the world, Elon Musk, has experienced a decline in his total net worth following a comment he made that Bitcoin value is too high and too fast.

Elon Musk’s net worth plunged by $15.2 billion in the last 24 hours to N183 billion, according to the latest data from Bloomberg.

The former world’s richest man has grown his net worth by $13.6 billion in 2021 alone. This represents an over 61 percent decline from over $20 billion gain posted last week.

In early February, the value of Tesla and Bitcoin rose substantially immediately Tesla announced it invested $1.5 billion in Bitcoin.

Cryptocurrency-focused investors jumped on Tesla stocks because of its exposure to Bitcoin, these same investors have started dumping the company’s stocks following Musk’s comments.

Tesla stocks dropped by $66.80 or 8.55 percent to $714.50 per share.

While Bitcoin valued plunged by over 17 percent from $58,000 to $47,226.88 with market value declining from $1 trillion to $880.11 billion.

 

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