BitStamp said continued interest from institutional investors was behind the price move.
Ethereum is considered expensive to buy because it undergoes a lot of transformations to make it even more decentralized and secure. This has inspired some institutional investors and retail investors to purchase.
Bitcoin fell after it rose gradually in recent weeks from $30,000 to about $38,000.
The price of Bitcoin in mid-September 2014 was difficult to penetrate, at $38,190, according to Matt Blom, the head of sales and trading for the exchange firm Equos.
“When the spread hit that level (3.4 %), prices seem to struggle and are actually just retraced, overtaken by massive sell orders on both spot and derivative exchanges.” “Stagnation between the $34K to $38K range is probably unavoidable, and enthusiastic bulls could be cooled down by relentless sellers before Bitcoin progresses higher again.”
Dogecoin (DOGE) and Peercoin (PPC). However, the token that was created in 2013 as a joke is now worth billions. On Thursday, Elon Musk, the founder of Tesla and SpaceX, shared his thoughts regarding it. There were a lot of rumors circulating on the Internet about the token.
Although traditional markets looked bleak for “meme stocks” like GameStop (GME), the regulatory consequences might just be beginning to flare. congresswoman Maxine Waters, who presides over the house Financial services committee, requested redditor Keith “DeepFuckingValue” Gill and executives from retail trading platform Robinhood to testify at the Feb. 18 hearings.
Stocks were surging, while gold was lowering 1.1% to $1,814 an ounce.
Visa’s involvement in crypto “point of no return”
The number of cards in this service must not be underestimated. This is a big player in the global financial infrastructure because it processes some 188.1 billion transactions every year.
The development was so significant for the sector since it paved the way for financial institutions to offer cryptocurrency services. Now, Visa is working towards helping banks issue Bitcoin and other cryptocurrency cards.
The economic benefits? Oanda senior analyst Edward Moya opined that recent developments may have pushed up the price of bitcoins. Bitcoin’s acceptance continues to improve.”
A secondary benefit of this move is that it might make it more difficult for U.S. lawmakers or regulators to squelch bitcoin’s growth. This suggests that regulators might try to regulate cryptocurrencies if it becomes even more ubiquitous.