Friday, May 20, 2022

Amid B-Word Conference, Bitcoin Surges 6%

After reaching an all-time high, Bitcoin suffered a huge loss and reached half its value from April 26. On Tuesday, it further plunged down by another 4 percent to reach below $30,000 for the first time in a month. This happened due to a recent spike in the Delta variant cases of COVID-19. 

However, after being trading in red on July 20, Bitcoin recovered a bit. 

As per the data shared by CoinMarketCap, in the past 24-hours Bitcoin experienced a surge of 6.74 percent and has been trading above $31,000.

It has been reported that the recent surge corresponds with the B-Word conference, which would be organized by the Crypto Council for Innovation.

The Crypto Council Innovation is “a global alliance of crypto industry leaders with a mission to demonstrate the transformational promise of crypto and communicate its benefits to policymakers, regulators, and people around the globe.”

The report states that the Tesla owner Elon Musk and the CEO of Square Inc. Jack Dorsey would be addressing the conference. Apart from them, there will be other companies like Coinbase, Fidelity and VC firm Paradigm, participating in the conference.

Technically, a daily close above yesterday’s open could momentarily nullify a bear breakout. The market might experience a major bull reinforced by underlying fundamentals.

Often, whenever the crypto market experiences a downward trend and gets stuck in a descending triangle, the market wait to shoot up with a major bull breakout. However, the upward movement of the market could be invalidated, if the bear continues to pull the crypto market down on the higher time frame.

The report notifies that fundamentally, many of the institutional investors are seeking exposure to the crypto market, recently. Also, Tesla, the company which denied accepting the crypto payment, has not yet declared that it would be selling its holdings or not. 

Along with that, Catherine Wood’s Ark Invest has strengthened its crypto exposure by purchasing the stocks of Coinbase. 

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