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Bitcoin Takes $50,000


Bitcoin has risen above $50,000 for the first time ever, reaching $50,600 before currently trading at about $49,500.

Its market cap is now close to overtaking a trillion, with it standing at $920 billion on about $80 billion volumes.

The crypto has ‘only’ risen 3.2% however, oscillating for the past few days but with an upwards bias.

Bitcoin's price, Feb 2021
Bitcoin’s price, Feb 2021

We seem to have an upwards consolidating wedge there on the brink of $50,000 with it presumably waiting for a breakout.

Ethereum hasn’t quite kept up, so bitcoin is clearly leading currently, with the currency enjoying widening adoption among corporations and even some local governments like Miami.

America seems to be leading currently, with this price rise coming at morning time in New York city, with Europe not playing at a corporate level.

Interestingly we haven’t heard much from the rich Arab world either, and only London seems to be cautiously playing besides USA.

It is thought China is participating, but in a stealth mode and thus to a limited extent, with retail most likely still the main driving force not least because anecdotally there seems to be many newcomers.

They’re probably just about in time for the show, as once we past $50,000, this may shoot straight to $57,000, or to $48,000 or may sideway.

The options are endless thus as bitcoin frontruns Musk to Mars and then maybe we get to see how it satellite hops to Venus and Alpha Centauri.

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