Bitcoin today - march 2021

Bitcoin today – March 2021

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Bitcoin, Institutional Adoption, NFTs, MicroStrategy.

The bitcoin price has added more than 10% in recent days, climbing back above $50,000 and toward its all-time high of $58,000 per bitcoin as the U.S. approved a huge $1.9 trillion coronavirus stimulus package.[4]

Bitcoin’s screeching rally has been put down to a combination of Wall Street institutional adoption, corporate interest, and retail traders piling into the bitcoin and cryptocurrency market.[4]

Bitcoin’s price has soared in recent months, hitting a record above $58,000 last month as big investors pile in and the asset class matures.[2]

A bitcoin “fear gauge,” similar to the Cboe Volatility Index (VIX) investors use to gauge volatility in the stock market, saw its first trades on Wednesday.[3]

The T3i BitVol Index measures the expected 30-day implied volatility in bitcoin derived from tradable bitcoin option prices.[3]

I think the relationship between bitcoin prices and the tech market is very close,” Mobius, the founding partner of Mobius Capital Partners, told Bloomberg this week, adding investors should: “Watch that indicator.”[4]

With the bitcoin price up a blistering near-600% over the last 12 months, investing legend Mark Mobius has warned a sharp bitcoin decline could hit tech stocks “very badly.”[4]

According to the website, the NFT industry had a market capitalization of $338 million at the end of 2020.[5]

The relative sizes of the markets means it’s effectively impossible for NFT spillover to have a material price impact” on bitcoin, Piers Kicks, venture partner at the cryptocurrency analysis firm Delphi Digital, said in a Twitter message to CoinDesk.[5]

The white-hot market for non-fungible tokens has become so big, NFTs are even showing up in the headlines of mainstream publications like the New York Times and on cable news programs.[5]

So it would stand to reason there might be some spillover into the bitcoin universe from NFTs, which work atop mainly Ethereum-based blockchain networks, even if the connection might be indirect.

Still, few have gone as far as MicroStrategy Inc. Eight months after its first investment, the software firm has a Bitcoin holding worth more than $5 billion.[2]

Shares of MicroStrategy have rocketed almost 600% since mid-July, boosting the fortune of founder Michael Saylor, a billionaire until an accounting scandal in 2000.[2]

The chief executive officer is now worth $3 billion, according to the Bloomberg Billionaires Index, joining the ranks of the world’s richest crypto holders, a list that isn’t definitive since some fortunes can’t be identified or verified.[2]

In 2000, a shareholder filed a class-action lawsuit against MicroStrategy, alleging it misled investors over the company’s earnings by booking revenue prematurely to inflate profits.[2]

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