No time right now?
It had already emerged yesterday. The time had come on Saturday morning. The Bitcoin has reached a value of $ 60,310. What’s next?
In less than two hours, Bitcoin (BTC) managed to jump over five percent on Saturday. The cryptocurrency jumped from just over 57,000 to just over 60,000 dollars. Depending on the source, values of $ 60,300 to $ 60,450 were achieved.
Price explosion: Bitcoin rises by 5% in less than 2 hours
We usually use the data from Coinmarketcap. A maximum of $ 60,310 is reported here – with a low of $ 56,218 in a 24-hour period. As is so often the case, the trading volume of the last 24 hours also shows an analogous increase. The probable reaching of the next ten thousand mark had been announced very clearly since yesterday at the latest.
In view of the short timeframes, one can speak of a price explosion. The jump over $ 60,000 marks Bitcoin’s all-time high on February 21, 2021. Back then, the BTC ended at $ 57,250 with intermittent jumps above the 58,000 mark.
The price is currently hovering up and down just under 60,000 at $ 59,600. A sustained break through the ten thousand mark still appears likely. However, a few more attempts may still be needed.
Experts suspect that larger transactions by well-known market participants are behind the rapid and significant increase. An entry in the style of Tesla or the constant follow-up from Microstrategy would be conceivable. It is possible that we will receive more information on this in the next few days.
Pension fund ennobles Bitcoin as a valuable investment
A major influence is also attributed to the Israeli pension fund Altshuler Shalam. Last week it became known that the fund had invested around $ 100 million in Bitcoin. The fact that this was done last year and via the Grayscale Bitcoin Trust does not detract from the fantasy that triggered the report.
That is understandable. After all, a pension fund is not a hedge fund that is prepared to take risks and is purely about maximizing profit opportunities. Rather, a pension fund bears the heavy responsibility of investing its resources in such a way that they are available for the company pension scheme of the employees of its members. So when pension funds invest in Bitcoin, they create trust in this asset.
The fact that pension funds hold by far the largest values worldwide and thereby overshadow all other investors certainly also plays an important role. So if pension funds were to get into Bitcoin on a larger scale, very large amounts of money could flow into the cryptocurrency very quickly.