Bitcoin Price Prints Highest Three-Week Close Ever
An unstable global economy, fears of inflation, and institutional investors warming up to cryptocurrencies have pushed Bitcoin prices to record closes.
The Bitcoin price set a new record this week as the pioneer cryptocurrency posted the highest ever three-week close in its 12-year history, data shows.
Weekly candles, such as the ones on the chart below, are a calculation of the price moves made by a financial asset (Bitcoin in this case) in a seven-day period. The open is the bottom part of the candle where an asset started to trade (excluding the thin lines that are price wicks), while the close is the last price paid by traders and investors for that asset in that period.
Bitcoin closed at its highest tri-weekly price in its 12-year history. Image: BTC/USD on TradingView
While Bitcoin reached its highest price of nearly $20,000 in the first week of December 2017, its weekly chart closed much lower at $13,500. This price behavior indicated that—at the time—the open market considered Bitcoin to be highly overvalued and the $20,000 price a mere wick in the longer-term outlook, with the tri-weekly charts moving in a downtrend from then until February 2019.
But the scenario has since changed, and the market is now accepting a higher price for Bitcoin. The latest tri-weekly candle for the asset closed at $15,960—an 18% increase—showing that the market is now valuing Bitcoin much higher than it did in 2017.
In a webinar today, MicroStrategy CEO Michael Saylor told Kraken’s Dan Held that Bitcoin is a $250 billion “solution to $250 trillion worth of a problem.”
MicroStrategy is a business analytics firm that bought 38,250 Bitcoin in August and September. It holds more Bitcoin than all other publicly traded companies combined.
In explaining the reason behind the company’s $425 million purchases (now worth closer to $520 million), Saylor pointed to what he said is a $250 trillion market for alternativ...
Some factors behind this are the bleak sentiment for fiat currencies and the fear of inflation as a result of quantitative easing, with some investors, such as hedge fund manager Paul Tudor Jones and software firm MicroStrategy, turning to Bitcoin to protect their coffers.
Bitcoin, amidst all that, has emerged as a relatively stable and decentralized store of value that is not governed by any particular country or subject to political policies. Microstrategy CEO Michael Saylor—who personally holds 17,732 Bitcoin—enumerated such qualities of Bitcoin as an investment in a tweet last week:
#Bitcoin is not a currency, nor is it a payment network. It is a bank in cyberspace, run by incorruptible software, offering a global, affordable, simple, & secure savings account to billions of people that don’t have the option or desire to run their own hedge fund.
Bitcoin-based stablecoin blockchain Plasma has set the date for its much-anticipated XPL initial coin offering, or token sale, for July 17, keeping the project on track for its predicted mainnet launch by “late summer.” Following the sale, Plasma will gear up for its mainnet launch, which the firm told Decrypt will feature several unreleased stablecoins.
The token sale comes following the Bitcoin sidechain attracting $1 billion worth of deposits, upsized from $500 million. Those who deposited to...
Chinese payments giant Ant Group is set to adopt Circle’s USDC stablecoin as part of its blockchain platform, Bloomberg reports.
Ant operates Alipay, the most commonly used mobile payments platform in mainland China, which is also widely supported in neighboring Asian nations. It is thought to have roughly 1.6 billion user accounts, making it the world’s most popular mobile payments platform by a wide margin. It started life as an offshoot of Alibaba, one of China's largest online retailers and...
Popular Solana token launchpad Pump.fun confirmed the launch of its PUMP token via an initial coin offering on July 12, with an airdrop to follow. However, United States and United Kingdom citizens will not be able to participate in the token sale.
After completing KYC, or know-your-customer, verification, users will be able to participate in the token sale on July 12 at 2 p.m. UTC, via the Pump.fun site, Bybit, Kraken, Bitget, MEXC, KuCoin, and Gate.io. The sale will finish on July 15, or once...
