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Regardless of The Bitcoin Value Dip, This Week Was Extremely Bullish

02/27/2021

I do know that this recommendation is simpler stated than finished, however don’t get distracted by the worth of bitcoin. 

We closed final Friday at $56,000 and noticed the worth attain and all-time excessive over the weekend, but the market determined to tug again. It is a function, not a bug. Keep in mind that bitcoin is a mature asset and the market is in worth discovery mode 24/7. 

In case you look past the charts and skim the headlines from this week, you’ll assume a dramatic worth rise could be happening. 

Tuesday, February 23

In a deceptively lackluster announcement, Money App guardian firm Sq. introduced a purchase order of $170 million price of BTC that now places 5 p.c of its reserves in bitcoin. If it wasn’t for the insanely bullish headlines from Tesla and MicroStrategy prior to now weeks, this announcement might need made greater waves. Musk set the bar and this transfer from Sq. left many Bitcoiners questioning, “What is that this, a treasury reserve allocation for ants?”

Wednesday, February 24

Of their unending quest to purchase all of the sats, MicroStrategy introduced it’s buy of $1.026 billion of bitcoin. This headline made waves via Bitcoin Twitter and MicroStrategy CEO Michael Saylor made appearances on mainstream media justifying the transfer and making the case for bitcoin as a mandatory treasury reserve asset. Each time he made an look, he furthered the Bitcoin meme and little doubt left viewers questioning their worldview. 

Thursday, February 25

Coinbase introduced it’s S-1 submitting to go public on NASDAQ. This announcement didn’t sign any massive purchases of bitcoin, however shared some very fascinating insights into Coinbase’s customers and its present BTC holdings. 

We discovered that the trade has greater than 43 million KYC-compliant customers and holds roughly $130 million in BTC. We’ve lengthy speculated about what number of HODLers are on the market, and now that we all know Coinbase has 43 million customers, now we have a line within the sand. The massive head scratcher is how an organization that was based in 2012 solely has $130 million in BTC to it’s identify.

However I consider that the important thing piece of knowledge right here is that this was an extremely bullish week, regardless of worth dips which may recommend in any other case. These are all large headlines that additional assist the concept the herd is coming, and this time it’s being led by establishments. 

The query you have to be asking your self is: What’s my private treasury reserve technique?

The publish Regardless of The Bitcoin Value Dip, This Week Was Extremely Bullish appeared first on Bitcoin Journal.