Bitcoin Hit $48,000 For the First Time Since May
On Aug 14, 2021
Since the 16th of May, Bitcoin hit $48,000 for the first time. The leading cryptocurrency, Bitcoin gets back on its feet and aims for 50k.
Bitcoin Hit $48,000
The market-leading cryptocurrency, Bitcoin continues to dominate the crypto world. After a long time, BTC hit $48,000 again on 14th August. The price of Bitcoin decreased shortly after hitting $48,000. Even though Bitcoin could not go far than $48k for now, it can be considered as the hook to $50,000.
Bitcoin raised to $48,000 after 12 weeks when the last time was 16th May. During this time, the price of Bitcoin dropped to $28,000 and fluctuated between $30k and $40k. The bullish sentiment began on 21st July and contributed to the price increase of Bitcoin.
Market capitalization also increases in parallel with the price increase. At the time of writing, the market capitalization of Bitcoin was $868.6 billion. To pass the 1 trillion market cap, the price of Bitcoin needs to be $54,000, and only a 6 thousand price addition is required.
Argentina President is Positive on Bitcoin Adoption
The interest in Bitcoin in South America spills over from El Salvador to Argentina. Argentina president Alberto Fernandez talked positively about Bitcoin to the local media. Fernandez said that Bitcoin and digital currencies are debated on the world stage, and people need to be cautious because it is unfamiliar and how this fortune materializes. He answered the question about the Bitcoin adoption, saying, “I don’t want to go too far out on a limb … but there is no reason to say no.”
The president took over the president role in Argentina when the country was experiencing a high inflation rate. Still, the inflation rate in Argentina is 51.8, which makes them the 7th country in the world inflation index, according to Trading Economics. The adoption of Bitcoin can be beneficial for Argentina from this standpoint.
Even though Fernandez is prone to Bitcoin but the Central Bank’s president, Miguel Pesce, mentioned that Bitcoin “is not a real financial asset, and does not generate any lasting profitability” according to the local media.
Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.
