The combination of positive news and increased institutional interest has led to a surge in Bitcoin's value.
Bitcoin has witnessed a substantial increase in value, hitting a high of almost $27,000. This increase might be ascribed to a string of good news that has benefited the cryptocurrency market.
Signature Bank, a New York-based banking company, is the latest in a string of financial behemoths to close its doors, following Silicon Valley Bank and Silvergate. This follows warnings from Robert Kiyosaki, author of the best-selling personal finance book 'Rich Dad, Poor Dad,' who has recommended investors buy Bitcoin (BTC), gold, and silver in preparation for a financial collapse.
According to Kiyosaki, the aforementioned banks "went WOKE and went BROKE," and the crisis is "just starting." He further advised investors to "buy more G, S, BC [gold, silver, Bitcoin]" since "pensions, IRAs [individual retirement accounts], 401k went WOKE going bust." On March 15, these assertions were stated in a tweet.
Kiyosaki has made a link between the financial crisis and the so-called "awake" culture, a phrase used to characterize being socially and politically alert. Nonetheless, right-wing politicians have used the word to condemn what they believe to be an unrealistic or extreme liberal attitude.
As Kiyosaki's warnings gather traction, more investors are shifting their investments to alternative currencies such as Bitcoin, gold, and silver.
As the news came in, prices of Bitcoin along with Gold and Silver rose to a substantial peak leading to the addition of more investors.
Another aspect was the news by numerous financial institutions that they will begin offering Bitcoin options trading. This action by institutional investors gave Bitcoin respectability and provided reassurance to many who were still sceptical about the cryptocurrency.
Crypto derivatives trading Deribit will soon debut Bitcoin volatility futures, allowing investors to gauge and trade BTC market volatility directly.
Deribit launched BTC DVOL futures on March 17th, a derivatives product based on the Deribit Bitcoin Volatility Index, which gauges the expected volatility of the largest cryptocurrency. Deribit's volatility indicator gives a 30-day forecast of investors' annualized volatility expectations.
As the news came in on March 17, the price of bitcoin surpassed $27,000 for the first time in over nine months.
With a recent breach above the MA10 line on the monthly chart, Bitcoin (BTC) has demonstrated to the world that the 4-year cycle is still intact. This confirmation follows similar signs in 2015 and 2019, all of which preceded lengthy bull markets.
The 4-year cycle has long piqued the curiosity of Bitcoin investors, with many assuming that it is critical to the cryptocurrency's value. This latest breakout has given credence to this notion, with investors citing the confirmation above the MA10 line as a key indication.
The past two times this signal appeared, it signalled the start of extended bull markets for Bitcoin. As a result, many investors are watching with bated breath to see if history will repeat itself.
Moreover, Financial giant Fidelity officially opened retail Bitcoin trading accounts to all customers. Fidelity Investments has secretly opened up bitcoin and ether trading to all of its retail dealers, filling a hole left by the recent closures of cryptocurrency-friendly banks that spanned the digital and traditional financial divide.
Customers cannot currently move bitcoin to or from their Fidelity accounts. The business stated that it will investigate bitcoin transactions in November, shortly after establishing the waitlist, but no specific date has been disclosed.
These moves are driving today's Bitcoin price as BTC surged more than 7% in a single day.
At the time of writing, the price of Bitcoin is $26,501.29 USD, with a 24-hour trading volume of $44,355,600,371 USD. Bitcoin has increased by 7.07% in the previous 24 hours. BTC is now ranked first on CoinMarketCap, with a market valuation of $512,007,134,139 USD. It has a maximum supply of 21,000,000 BTC coins and a circulating supply of 19,320,087 BTC coins.
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