Bitcoin Reaches Two-Week High
Bitcoin surged to $54,000 and hit a two-week high on Tuesday, March 9, as it was boosted by further signs of institutional interest. The digital asset traded around $54,060,00 as of 9:25 UTC.
Ether, the second biggest digital token has also been on the rise due to the possibility of its supply shrinking amid an affiliated Ethereum blockchain upgrade.
The strong institutional interest with more cash being invested in cryptocurrencies is what drives Bitcoin and Ethereum bullishness. Goldman Sachs Group Inc. have recently reported that institutional demand for cryptocurrency has risen as they are working towards relaunching their digital assets trading desk.
Goldman Sachs consider the present bull run in Bitcoin dissimilar to the 2017 bubble while critics see it as a speculative hype driven by large amounts of stimulus that could abruptly be pulled back once the financial conditions are tighter.
With a year increase of almost 600%, some severe up and downs and its current price about $4,000 off its Feb. 21, $58,350 record, analysts see Bitcoin strengthening and reaching even up to $75,000.
Cryptocurrencies seem to be gaining ground with more “giants” investing in the digital tokens. In the last days, oil billionaire Kjell Inge Rokke expressed his support of Bitcoin as his Aker ASA is setting up a new business to tap into digital asset;s potential. During the weekend, Meitu Inc, the Chinese beauty app have reported their investment in Ethereum and Bitcoin following last month’s $1.5 billion Tesla’s investment.
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