Bitcoin Bulls Are Back
We are again eyeing all time highs for bitcoin.
Last week, bitcoin saw a pullback into the mid-high $17,000s. Then came a steady recovery beyond resistance at $18,500. We still haven’t pulled back to key levels noted weeks ago around $16,000.
$20K Is The Target
Check out CoinDesk’s take from Monday morning.
A break above $20,000 in the coming weeks would reinvigorate calls for a $100,000 bitcoin within the next twelve months.
Mainstream Adoption Snowballs
Tis the season for bitcoin.
Mainstream bitcoin adoption has entered a cycle of momentum. One player enters the crypto space and another follows.
This week saw more big names getting into crypto—MassMutual is the latest, investing $100 million in bitcoin.
The list is growing: Paul Tudor Jones, Stanley Druckenmiller, Larry Fink, MicroStrategy, PayPal, Guggenheim, MassMutual, and on and on.
As reported by Bloomberg, JP Morgan sees the MassMutual move into bitcoin as huge for crypto adoption, signaling a widening demand.
1.5 Million ETH Staked
There are almost 1.5 million ETH staked on ETH 2.0!
Last week, we broke down the beginning of a decoupling between bitcoin and ethereum. This is something to watch as ETH 2.0 progresses.
Ethereum is seeing continued success in their launch of ETH 2.0 despite bulls and bears being split on how it’s impacting price.
ETH 2.0 phasing out mining, along with the pandemic causing an increase in both crypto mining and gaming, has resulted in (dun dun dun)… a GPU shortage.
GPUs are used to mine ethereum and other cryptocurrencies. The market for these cards is hot and limited right now. Miners (myself included) are looking to maximize ETH mining output while we can.
$19,197.83—the price of bitcoin today.
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