After a phase of declines and consolidation since the middle of February, Bitcoin has discovered its element again and skyrocketed to new record values.
In a movement on Saturday night doing through Sunday, the leading cryptocurrency by market cap crossed beyond $60K for the first time and a few hours later crossed beyond $61K to set a new all-time high level of $61,576.61. At the time of writing this piece, Bitcoin stands at $61,124.51, up 7.68% in the past 24 hours.
“Institutional investment persists to build a push with Chinese internet corporation Meitu the most recent to implement a Bitcoin treasury strategy, ” according to Jehan Chu, founder and CEO of Kenetic, a Hong Kong crypto company.
Both stock markets and cryptocurrencies saw losses across the board and price volatility in the last several weeks, before soaring again in the last week.
The new BTC high arrives only two days after freshly elected US President Joe Biden signed a vast $1.9 trillion stimulus plan into law that is dispatching checks for $1,400 to all U.S. nationals. According to several media reports, people have already started obtaining the checks, which may be another reason for Bitcoin’s rise.
