Bitcoin (and others) is really going up in price.
This is in part due to the fact that the US covid-19 Coronavirus stimulus
payouts are going to be paid as soon as tomorrow (Monday 15.03.2021).
What does the stimulus payout have to do with BTC price?
Well, the USD is not a very stable currency lately (it is estimated that it
has lost purchasing power due to inflation by several percent over the last
12 months due to additional money printing), and many are turning to
cryptocurrencies to secure their wealth.
Companies are doing it, and now people are doing it too.
A lot of that stimulus money is expected to hit the cryptocurrencies trading
market.
Over the last several weeks there have been price drops in Bitcoin, this is
due to sellout activity of Mining Groups (called mining pools).
Every price drop (on the top of the graph) is matched to sellout volume (in
red, on the bottom).
Yesterday however the price exceeded 60 000 USD and staid there overnight,
which is unusual for a Sunday.
The price rise was caused by the upcoming stimulus payout, and possibly also
by news that Microstrategy (managed by CEO Michael Saylor) invested another
15 million dollars in BTC.
The volume of investment was very small even compared to their previous
investment (Mirostrategy has currently almost 3 billion USD worth of BTC)
but the fact that a company specializing in business analytics is investing
every last dollar into BTC should give us some indication as to the
potential of this market.
Sundays are generally lower activity days, but this Sunday should be treated
differently.
This weekend is different than the rest. It is the last weekend before the
stimulus payouts and I expect it to be a little crazy.
Tomorrow I expect there to be a price rise and I expect this price to rise
for several weeks (at least until the 26th of March).
I will explain in another article why I chose that date of March 26.
Have a great weekend and a great Sunday !
DISCLAIMER - if my comment is related to financial instruments or the
financial market, please understand that I am not a financial professional
and this is not financial advice.
My financial market comments present my own personal views and remember that
any investment you make presents a potential risk.
Any investment you make has to be based on your own decision.
Do not invest money that you can not afford to lose.
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About the author:
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I will remain anonymous commenting what I see, because the world has become
very bipolar.
I have chosen this platform because I believe it will provide me anonymity.
I travel a lot. And I read a lot about what is going on in the world.
I have balanced world views. I don't care which side of the political scene
is my view of some specific event.
I comment a specific event or phenomenon as I see it, without trying to
label it as left or right.
I believe in the freedom of speech.
#internetcommentary
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