2021-03-03 BBG - Bitcoin Jumps Above $50,000 in Recovery from Last Week’s Rout

[acquafredda]

itcoin rallied back above $50,000, surpassing the key psychological level as bullish momentum returned after last week’s selloff.

The digital token climbed as much as 11% before paring some gains to trade around $50,900 as of 9:51 a.m. in New York, reaching the highest level in two weeks, according to data compiled by Bloomberg.

The cryptocurrency has been volatile with prices plunging 21% last week before recovering with the earlier broad bounce back in global equities. On a technical basis, the GTI Global Strength Indicator, which detects trend fluctuations, has begun to curl upward, suggesting a bullish move for Bitcoin.

https://www.bloomberg.com/news/articles/2021-03-03/bitcoin-rebounds-after-being-ruffled-by-sec-confirmation-hearing

Shall we buy the enthusiasm of John Wu, president of blockchain technology firm Ava Labs, who said that he is hopeful the new Biden administration will help foster innovation in blockchains, cryptocurrencies and digital assets, instead of stifling it? I am not sure about that, sorry. Keeping my eyes wide shut for warning signs.

[bustabitsboy]

This is not surprising in our time.  Huge corporations are switching to digital money, and in 2 years the world as a whole will need cryptocurrency.

[bryant.coleman]

Shall we buy the enthusiasm of John Wu, president of blockchain technology firm Ava Labs, who said that he is hopeful the new Biden administration will help foster innovation in blockchains, cryptocurrencies and digital assets, instead of stifling it? I am not sure about that, sorry. Keeping my eyes wide shut for warning signs.

I don't really care whether the Biden administration takes any step to promote innovation or not. Bitcoin has thrived for more than a decade, despite the government taking a hostile stance. And I am sure that the same will be the case for the next one or two decades as well. Bitcoin don't need any institutional support. It is decentralized and is not dependent on any authority or outside support.

[Jating]

Shall we buy the enthusiasm of John Wu, president of blockchain technology firm Ava Labs, who said that he is hopeful the new Biden administration will help foster innovation in blockchains, cryptocurrencies and digital assets, instead of stifling it? I am not sure about that, sorry. Keeping my eyes wide shut for warning signs.

I don't really care whether the Biden administration takes any step to promote innovation or not. Bitcoin has thrived for more than a decade, despite the government taking a hostile stance. And I am sure that the same will be the case for the next one or two decades as well. Bitcoin don't need any institutional support. It is decentralized and is not dependent on any authority or outside support.

I still remember when Trump takes office, many have been singing praises because he surrounded himself of this so called pro-crypto, but nothing has change isn't it, and yet bitcoin goes on an all time high in 2017.

So I will say that we can thrive whoever is the sitting President, not unless that President will ban bitcoin totally (which I doubt will happen). So I will take everything with a grain of salt here, just saying. Huge corporations are jumping because they know that bitcoin can be a good hedge for their assets, and it has nothing to do with the political atmosphere in the US or any parts of the globe.

[Lucius]

And again the price has dropped below the magical $50k - but I don't see any point in this kind of news at a time when the price changes by a few thousand $ in just a few hours. The price is formed on various factors as always, supply and demand, investments of various big players, sensational news that someone has moved a large amount of BTC from address A to address B, to what some politician said about Bitcoin out there somewhere...

...who said that he is hopeful the new Biden administration will help foster innovation in blockchains, cryptocurrencies and digital assets, instead of stifling it?

I have deliberately removed a part that is more than obvious PR for a company that gives its opinion here on what the new president might or may not do - and as always so far no dramatic changes should be expected in anything except that the new president will not announce crazy tweets, nor will they hold Kim Jong-un by the hand and declare that they fell in love

[hv_]

It's defenitely not a thing for the poor any more - the segwit fork

[Sithara007]

I still remember when Trump takes office, many have been singing praises because he surrounded himself of this so called pro-crypto, but nothing has change isn't it, and yet bitcoin goes on an all time high in 2017.

So I will say that we can thrive whoever is the sitting President, not unless that President will ban bitcoin totally (which I doubt will happen). So I will take everything with a grain of salt here, just saying. Huge corporations are jumping because they know that bitcoin can be a good hedge for their assets, and it has nothing to do with the political atmosphere in the US or any parts of the globe.

I would still say that the Trump administration was more favorable towards cryptocurrency than the current Biden administration. We are in to the second month of Biden presidency and already there are clear signs that powerful members of the regime are not happy with Bitcoin. The statements from Janet Yellen and Elizabeth Warren are examples. Right now, these statements are just in the form of warnings, but there is a possibility of the administration coming up with some anti-cryptocurrency legislation in the near future.

[dansus021]

if history do repeat itself i hope its repeat tho

[DapanasFruit]

The recovery yesterday is a big testament to the fact that we are still in the bullish state and Bitcoin is just normally experiencing some corrections in preparation for another pump days ahead. There is not connected in any way to any good news coming from the Biden administration which I am expecting will be working with the whole industry but under a stricter set of rules and regulations, nothing new actually as this is the same stance by SEC and other agencies connected to money, banking and finance. USA will not allow Bitcoin to die, but all players has to follow the rules...and new and revised rules can be coming in the next four years of Joe. Well, this is a lot better than what China and Russia have been spewing out.

[TalkStar]

Shall we buy the enthusiasm of John Wu, president of blockchain technology firm Ava Labs, who said that he is hopeful the new Biden administration will help foster innovation in blockchains, cryptocurrencies and digital assets, instead of stifling it? I am not sure about that, sorry. Keeping my eyes wide shut for warning signs.

Bitcoin worldwide popularity is getting higher day by day and in a situation like this a big portion of its price growth depends on current usera and upcoming investors rather than any countries positive vibe about bitcoin. Definitely bitcoin will touch its next all time high but it doesn’t mean that its completely depending on any specific countries government decision. Not only USA but also many middle earn countries are planning to use blockchain in the future but i can't say exactly what will be the instant result on that moment. 

No way to deny that bitcoin worldwide community is much bigger and stronger than the past. In every single day new crypto lovers are joining the community for their own purpose where they are playing the actual role for bitcoin recent price pump.

[Kakmakr]

I know there was some news somewhere of a company that bought 20 000 bitcoins in this last week and if that is true, it will explain the sudden jump in the price. We know a sudden injection on the demand side ..will have a positive impact on the price, because the traders react on the shift in the demand and the price increase as a result. 

The opposite thing happens when someone suddenly drop a massive amount of coins on the exchanges. (More Supply = lower price)  I wonder how many of the Tesla coins are being traded on the exchanges and if those coins are in cold storage. 

[acquafredda]

What matters most is really that I believe it is too late for any jurisdiction to stop bitcoin. Whatever the stance of the Biden's administration will be, the bitcoin ecosystem will probably do not care. If taproot gets activated thanks to the speedy trial proposal, bitcoin will gain some more ground to consolidate its place in the finance world.