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05 March 2021

wNews: What Bitcoin at $50,000 Means for the Market | Crypto Briefing

wNews: What Bitcoin at $50,000 Means for the Market | Crypto Briefing

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wNews: What Bitcoin at $50,000 Means for the Market.

Bitcoin hit $50,000 this week, nine weeks after crossing $20,000 for the first time. .

This week, MicroStrategy announcedits plans to invest over $600 million worth of convertible debt into Bitcoin, adding to the firm’s already massive BTC balance sheet.

The announcement led to a slight dip in MicroStrategy shares but lent major buy-side sentiment in the crypto markets, with Bitcoin hitting a record $50,000 minutes after the announcement.

Tesla’s announcement of a$1.5 billion investment,along with the move to add Bitcoin as a payment option for its vehicles, added to positive sentiment in the market.

Bitcoin recently overtook Tesla, Facebook, and Tencent to become thesixth-largest asset in the worldwith a market cap of $1 trillion, trailing giants like Apple and Amazon. .

It wasn’t that long ago that the crypto space would be referred to as “Bitcoin” and “altcoins,” but with billions of dollars flowing into Ethereum, DeFi, and other projects, that narrative isn’t as strong today. .

However, when Bitcoin kicks into a rally, it often takes the spotlight over the rest of the market.

That was evidenced this week: it’s up 14.8%, while ETH has seen a gain of only 10.1% on the same timeframe. .

However, the recent price action doesn’t mean the rest of the market is about to die off.

Money inflows into Bitcoin have historically been positive for the smaller cap coins, and it wouldn’t be a surprise to see ETH and other projects following BTC’s lead in the near future.

For now, there’s only one crypto asset that institutions are interested in.

Bitcoin has risen 64% in February, with over a week of price action remaining

“Bitcoin sailed through the $50,000 benchmark level with relative ease this week

It implies that long players are playing 150% annually to lend from short players

Still, sustained high funding levels imply that the market has become comfortable in the current dynamics. 

While there might be a temptation to exchange tokens for another asset like ETH upon receipt of a surprise payout, that misses the purpose of governance tokens altogether. 

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