After a period of drops and consolidation since Mid-February, Bitcoin has found its mojo again and soared to new all-time highs.
- In a sudden move starting just after 10:00 UTC Saturday, the top cryptocurrency by market cap rose to $60,065.15, according to the CoinDesk 20.
- "Bitcoin is testing the sound barrier at $60k, and institutional investment continues to build momentum with Chinese internet firm Meitu the latest to execute a Bitcoin treasury strategy, " according to Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based trading firm.
- "Further, Beeple's $69 milllion NFT record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100k levels by Q3," he said.
- The move passes the previous all-time record of around $58,330 set on Feb. 21.
- Since then bitcoin had seen a retreat to as low as $43,000, amid uncertainty in the traditional markets over stimulus expectations and their positive affects on U.S. bond yields.
- Both stocks and cryptocurrencies across the board saw losses and sideways trading in the last several weeks, before rising again in the last 8 days.
- The new high comes two days after President Joe Biden signed a massive $1.9 trillion stimulus program into law that will send checks for $1,400 to U.S. citizens.
- U.S. Treasury yields have climbed back to over 12-month highs in the wake of Biden's fresh stimulus. This time, however, bitcoin is showing resilience – contrary to last week of February when prices fell by 20% amid rising yields.
- Bitcoin's quick rise caused the liquidation of over $100 million in short positions in a matter of minutes, according to a tweet from Glassnode co-founder and CTO Rafael Schultze-Kraft.
- The move to $60,000 brings bitcoin's market cap to $1.12 trillion – not so far below the $1.385 trillion value of Alphabet (Google), according to CompaniesMarketCap.com.
UPDATE (11:47 UTC, March 13, 2021): Added latest price after move over $60,000.
See also: Why Bitcoin Is More Like a $100 Bill Than Gold
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