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.
The Babylon Foundation, an entity tied to the Bitcoin staking protocol Babylon, released tokenomic details for its BABY token Thursday—and revealed an airdrop for early users.
The Foundation will provide 6% or 600 million BABY, the Babylon Genesis Network’s native governance token, to five reward groups and early supporters as part of its airdrop. The vast majority of tokens (585 million) set aside for the airdrop campaign will be provided to those who have staked Bitcoin with Babylon.
“Tokens...
Paul Atkins, President Trump’s nominee to become the next Chair of the Securities and Exchange Commission, passed a key vote from the U.S. Senate Banking Committee on Thursday.
Following the 13-11 vote, in which all Democrats on the Committee opposed Trump’s pick, Atkins’ nomination will now proceed to the Senate floor for a full vote.
Atkins is an SEC veteran who previously served as an agency commissioner under President George W. Bush. He is widely expected to institute favorable policies for...
Monday marked the end of a painful quarter for Ethereum, as the network’s native asset’s so-called burn rate fizzled amid one of its worst performances in recent memory.
The metric, which tracks the rate of Ethereum removed from circulation, recently hit its lowest level since August 2021, a nagging concern among investors that’s “weighed on Ethereum’s market performance,” according to the crypto market maker Wintermute.
Last week, around 53 ETH was burned per day, the firm said. Meanwhile, ETH’...
