Bitcoin daily chart alert – 2 mar
Bulls working to keep price uptrend alive
Bitcoin’s (BTC) price is likely to see hefty gains in 2021. Big corporate players and banking giants have started adopting the most valuable cryptocurrency and accepting it as an emerging asset.
The largest digital coin price bounced back to $50K. This week as investors took advantage of the recent price collapse that pulled the largest digital coin to around $43K last week.
The latest sell-off was mostly blamed on investor’s profit-taking strategy. Indeed, Bitcoin’s fundamentals have been improving day over day amid increasing Bitcoin trading volumes, custody offering, research, and prime brokerage.
The price of BTC is up 67% year to date on improving outlook, but that’s not the end of the bull-run.
Bitcoin to see Bull – run if accepted as a valid form for international trade payment
The digital asset’s immunity from economic downturns and monetary policy adjustments would play a big role in identifying it as the best choice for international trade. According to a 100-page report headed by Citi’s Sandy Kaul.
“It is immune from both fiscal and monetary policy, avoids the need for cross-border foreign exchange transactions, enables near-instantaneous payments, and eliminates concerns about defaults or cancellations as the coins must be in the payer’s wallet before the transaction is initiated,” Citi analysts said in a report.
Bitcoin’s price has the potential to boom. In the days ahead if the market participants see hints of Bitcoin adopting for international trade.
The report also highlighted the significance of institutional investments and crypto adoption from major banks, which were previously opposing the innovation of cryptocurrencies.
JPMorgan Chase strategists, including Joyce Chang and Amy Ho, have recently suggested clients allocate 1% of portfolio weighting to Bitcoin.
“In a multi-asset portfolio, investors can likely add up to 1% of their allocation to cryptocurrencies in order to achieve any efficiency gain in the overall risk-adjusted returns of the portfolio,” strategists Joyce Chang and Amy Ho said
At the time of writing, Bitcoin is currently up 2.4% in the last 24 hours (up 5.44% in the last 7 days) and is being traded at $48,860, according to Coinmarketcap.