Bitcoin tops $60,000 and sets new high over the weekend as Elon Musk aims towards the "moon"
Bitcoinapproached all-time highs over the weekend, topping $60,000 for the first time in weeks. Elon Musktweeted cryptically in an apparent reference to the rally, fueling speculation about his plans.
- The latest rally comes as the
cryptocurrencycontinues to make gains at major, mainstream institutions.
Earlier this month, the proliferate billionaire tweeter tweeted that the company would "put a literal Dogecoin on the literal moon." His latest tweet prompted some speculation that SpaceX may join Tesla in adding cryptocurrency to its balance sheet.Bitcoin has been stuck in the upper $50,000 range after briefly hitting an all-time high of almost $62,000 in mid-March.
Reuters spoke to Justin d'Anethan, a sales manager at digital asset company Diginex in Hong Kong, attributed the rally to a recent influx in investor attention, as supply tightens.Bitcoin's liquid supply has been shrinking this year to record lows, according to blockchain analysis firm Glassnode. Supply has been tight as some of Wall Street's biggest firms have begun to invest in cryptocurrencies, while major payment firms Stripe and Paypal have begun to accept Bitcoin as payment. Goldman Sachs has relaunched its cryptocurrency trading desk while the world's largest asset manager, BlackRock, has begun to dabble in bitcoin futures as well. A recent report from Citi speculated that bitcoin could set off a "massive transformation" in global finance, becoming the standard medium of trade, though it also highlighted the possibility of an "implosion."
The rally kicks off another major week for the
- YES Bank launches a new musical logo to build a deeper connect with customers
- COVID-19: Students should leave hostels in Bengaluru if their institutions declare a holiday, says BBMP
- Non-banking finance firm Power Finance Corporation records 49% jump in net profits in FY21
- The Internet's original source code is going up for auction on Sotheby's as an NFT this month
- Best 55-inch smart TVs with 4K resolution