Business Desk – Crypto Market Update: After falling to $60,000 in early February, Bitcoin has once again made investors happy. The price of Bitcoin has now crossed the $77,000 mark, its highest level since February. Due to this boom, not only small investors but also big companies have gained a lot of profit.
With Bitcoin crossing the $77,000 mark, big companies like Strategy are now sitting on considerable ‘paper profits’. The special thing is that the company has about 780,897 Bitcoins. Based on current market rates, he is making a profit of more than $270 million.
As a result, the company’s shares saw a rise of 8%. Apart from this, shares of other companies like Coinbase and Robinhood have also registered gains. Market analysts believe that buyers are now gradually taking control of the market.
Impact of global peace and oil prices
Improvement in global geopolitical conditions is one of the main reasons behind this Bitcoin boom. The Strait of Hormuz has been reopened to commercial shipping after a 10-day ceasefire between Israel and Hezbollah.
Donald Trump has also expressed his support towards this development. It is worth noting that due to easing of tensions, crude oil prices have fallen in the international market, which has increased investor confidence in risk assets like Bitcoin and the stock market.
Experts are now eyeing their next big target. The $80,000 mark. However, there is still considerable resistance within the $76,000 to $78,000 range, as many long-term investors are selling their holdings at this price level.
Furthermore, Bitcoin miners are also constantly selling coins to meet their operating expenses. If global conditions remain stable, Bitcoin could soon make a new record high. Conversely, if tensions increase, the price may fall back to the $70,000 level.
Comments are closed.