Bitcoin Surges After Huge Plunge

The crypto network is full of uncertainties, as proven by Bitcoin’s recent fall. The crypto reached the 63,000 dollar mark and then plummeted to 53,000 dollars quickly, even going below the 50,000 dollars mark.

The price decrease severely affected retail investors, especially the young ones. According to sources, crypto traders are below the age of 37, while another source claims the age to be below 44. Nonetheless, the average age group falls between 25-34. That is why a decrease in BTC’s price means huge losses for the investors.

Several young investors around the globe have expressed how the decrease is affecting their proceedings. However, just as expected, the crypto ended its 7-day loss streak by breaching the 50,000 dollars mark again. Currently trading at 53,860 dollars, Bitcoin experienced a 9.1% of quick growth. While it is not as good as reaching its all-time high price of 64,870 dollars, it is still an amazing climb.

The news is a great one for the industry as its constant downfall was affecting thousands of investors globally.

A Bright Future for Bitcoin

With Bitcoin currently fluctuating between 50,000 to 60,000 dollars, it is safe to say that it will experience a surge in the future. If Federick Pye (the CEO of 3iQ) is to be believed, then Bitcoin might reach the 100,000 dollars mark within 3 years. Such statements coupled with the confidence of institutional investors like Elon Musk in the currency are evidence of BTC’s market feasibility.

A Helping Hand from JP Morgan?

Amidst Bitcoin’s price buzz as per Bitcoin price prediction, there was good news from a most unexpected side. JP Morgan, the banking giant, now allows selected clients to deposit funds in the form of Bitcoin. 

The funds will be activated this summer, and NYDIG is designated to be the custody provider during the process.

A few years back, nobody could have predicted the turn of events. Seeing how crypto directly opposes the traditional financial system, a renowned bank openly offering Bitcoin is huge news. While the offer is currently available for selected rich clients, it is a start nonetheless. 

Elon Musk Showing His Trust in Bitcoin, Again

It is no news that Elon Musk supports Bitcoin. However, his latest stunt has shaken the whole industry.

To prove the market feasibility and liquidity of Bitcoin, Elon recently sold 10% of Tesla’s BTC holdings. He further stated that he had kept his investment in the crypto, and the move was just a statement to show BTC’s liquidity.

Tesla’s revenue reports show that the transaction earned over 101 million dollars. Tesla acquired over 1 billion dollars worth of BTC in 2021 and kept most of them.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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