Bitcoin Moves Up, Higher by 3% for the Week, Eyes $33,000

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Created by TradeOr

3rd Party Analysis 23 Jul 2021

Key Takeaways

  • Bitcoin climbs 3% on the day as market sentiment over cryptos improve
  • Since Wednesday, the coin has added over 10% to its valuation, backed by Elon Musk

Bitcoin Moves Up

Bitcoin’s price has advanced to $32,600 on Friday with a session high of $32,900 early in the morning. The current market price marks a daily increase of 3% for the leading cryptocurrency. The rise today comes after two consecutive days of gains.

Over the past three days, the flagship coin has added more than $3,000, or over 10%, to its valuation that is currently hovering above $610bn.

For the week, bitcoin is looking set to end in positive territory, currently up nearly 3% since Monday. Initially, bitcoin’s price slumped as it began trading at the start of the week. The price decline lasted until Tuesday before Elon Musk and like-minded bitcoin supporters stepped in on Wednesday.

During an online conference on Wednesday called “The B Word”, Elon Musk, Jack Dorsey and Cathie Wood, provided a solid boost to bitcoin’s price as it shot 6.5% on the day.

More importantly, their praises and positive comments on bitcoin largely improved the crypto market mood, which until recently, was overshadowed by regulatory pressures and environmental concerns.

While these challenges are still present on the road to mainstream adoption, the cryptocurrency market, and bitcoin in particular, looks to have gained the solid backing of the Tesla and SpaceX chief who had been criticized over his contradictory approach to the fledgling market.

A Rosy Outlook for Crypto

Bitcoin and the entire crypto land now seem to have an improved growth prospects and rosier outlook ahead of them after Mr. Musk and other big names in mainstream tech and finance have expressed their support and are willing to work to improve bitcoin’s chances for mass adoption.

More broadly, the price of bitcoin is trading higher by a little over 10% for the year, after it accelerated 120% January through April to reach its all-time high of $64,800. Since then, the leading crypto asset has been pressured and has declined about 50% to current market price.

Crypto proponents remain certain that the digital coin will recover as it has done numerous times in the past.

In other news, a recent survey by researchers at the University of Chicago showed some 13% of Americans have bought or sold a cryptocurrency in the past year. The report is based on more than 1,000 people surveyed.

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