Bitcoin Keeps Pushing Higher, Zeros in on $65,000

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Created by TradeOr

3rd Party Analysis 14 Apr 2021

Key Takeaways

  • Bitcoin keeps shattering records, reaches as high as $64,850
  • The digital asset is in a 7-day winning streak

Bitcoin has been breaking records for a second straight day on Wednesday. The largest crypto token eclipsed $64,000 earlier today and is now gunning for $65,000. Bitcoin is currently trading higher by over 2% on the day, floating around $64,600, breaking yesterday’s high of $63,700. The intraday for the asset is $64,850, reached earlier today.

The recent strong pull to higher grounds came after a few uneventful and anticlimactic trading sessions. After another record-breaking quarter ended March, Bitcoin walked out with over 103% gains and entered into April. In early April, the buying momentum wore off and crypto traders were largely unable to support the upward swing. As a result, the crypto asset dropped to a low of $55,000 on Apr 7.

Bitcoin Keeps Pushing Higher

Since then, the digital coin has been climbing daily in a rally of seven consecutive days. One of the potential reasons for the rapid appreciation of bitcoin is today’s public offering of the largest US cryptocurrency exchange, Coinbase.

The mood prior to the direct listing of Coinbase is uplifted because this would be the first official juncture between the mainstream financial system and the quickly evolving cryptocurrency space. Coinbase’s debut is seen as a sign of endorsement of crypto assets by traditional investors.

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A growing list of companies has embraced bitcoin, even as crypto opponents continue to point to inflated prices as a result of government stimulus. Skeptics remain certain in their position that the market is a bubble, while crypto advocates are eager to see more mainstream adoption.

As a large number of banks have already joined the crypto frenzy, regulators around the world are stepping up efforts to provide rules that will allow mainstream financial institutions to own, offer and trade bitcoin and other cryptocurrencies, while also making them more accessible for day-to-day use.

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