Bitcoin barely exceeded $ 50,000 for the second time in history. The first time was earlier today when cryptocurrency shot past $ 50,400 early Monday morning when MicroStrategy doubled its support for the leading digital asset.
The cryptocurrency began flirting with this milestone price level in the past 30 minutes, jumping above and below $ 50,000.
Bitcoin does not yet have a firm grip above $ 50,000, but it can as the cryptocurrency sets a series of higher lows and higher highs.
Related Reading: Wall Street Veteran Kickstart’s Own Bitcoin Fund with a $ 25M investment
Problems in Macro Town: will it harm Bitcoin?
As Bitcoin tries to put $ 50,000 in support, there are some concerns about macroeconomic trends.
Mike Novogratz, the executive director of Galaxy Digital, noted that the US 10-year rates sold out heavily today. He explained that this could be a potentially worrying sign of the leading digital asset:
“The prices are sold out a lot today. Is it the beginning of something much bigger? All traders have to look carefully. Crypto is in a secular bull market. The story of adoption overshadows the macro story. So gold and $ BTC can go in opposite directions for a while. “
The prices are heavily sold out today. Is it the beginning of something much bigger? All traders have to look carefully. Crypto is in a secular bull market. The story of adoption overshadows the macro story. So gold and $ BTC can go in opposite directions for a while. https://t.co/fJvqSTuRBh
– Mike Novogratz (@novogratz) February 17, 2021
Despite this potentially worrying side on the macro front, there is strong institutional support for Bitcoin.
MicroStrategy announced Tuesday that it would raise $ 600 million through the sale of senior convertible bonds, a type of corporate bond. Once the sale is complete, the $ 600 million raised will be converted into Bitcoin.
The company bought the leading cryptocurrency valued at $ 650 million in December after making a similar increase at the time.
Related Topics: 3 Bitcoin On Chain Trends Show A Macro Bull Market Is Brewing
Featured image from Unsplash Chart from TradingView.com Price tags: xbtusd, btcusd, btcusdt Bitcoin pierces through $ 50,000 with continued support from Wall Street