Bitcoin Pierces Through $50,000 Amid Continued Wall Street Support

Bitcoin once again just pierced past $50,000 for the second time in history. The first time was earlier today, which was when the cryptocurrency shot past $50,400 early Monday morning as MicroStrategy doubled down on its support for the leading digital asset.

The cryptocurrency recently began to flirt with that milestone price level over the past 30 minutes, bouncing above and below $50,000.

Bitcoin has yet to firmly establish a grip over $50,000, though may do so as the cryptocurrency sets a series of higher lows and higher highs.

Trouble In Macro Town: Will It Hurt Bitcoin?

While Bitcoin is making an attempt to flip $50,000 into support, there are some concerns about macroeconomic trends.

Mike Novogratz, the chief executive of Galaxy Digital, noted that 10-year rates in the U.S. sold off hard today. He elaborated that this may a potentially worrying sign for the leading digital asset:

“Rates sold off hard today. Is it the beginning of something far bigger? All traders need to watch closely. Crypto is in a secular bull market. The adoption story is overshadowing the macro story. So gold and $BTC can go in opposite directions for a while.”

Rates sold off hard today. Is it the beginning of something far bigger? All traders need to watch closely. Crypto is in a secular bull market. The adoption story is overshadowing the macro story. So gold and $BTC can go in opposite directions for a while. https://t.co/fJvqSTuRBh

— Mike Novogratz (@novogratz) February 17, 2021

Despite this potential worrying side on the macro front, there is strong support for Bitcoin on the institutional side.

MicroStrategy announced on Tuesday that it will be raising 600 million by selling convertible senior notes, a type of corporate bond. Once the sale finishes, the $600 million raised will be converted into Bitcoin.

The firm purchased $650 million worth of the leading cryptocurrency in December after it did a similar raise back then.

Featured Image from Unsplash
Chart from TradingView.com
Price Tags: xbtusd, btcusd, btcusdt
Bitcoin Pierces Through $50,000 Amid Continued Wall Street Support

Publication date

02/17/2021 - 03:20

Author

Nick Chong

Article source

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