Flight to Safety pumps Bitcoin Valuation above $1 Trillion
The Bitcoin price, on Mar 9, built on Monday's gains to surge past $54k, driving its valuation back above the $1 trillion level. Bitcoin, and leading crypto assets, edged higher. Specifically, the digital gold continues to outperform the greenback coming on news that the U.S. Senate approved the $1.9 trillion stimulus package. Over time, BTC's deflationary feature and fixed supply make it a preferable, digital store-of-value, benefiting HODLers.
Firm above $53k on Mar 10, theBTC price continuesto inch higher on favorable fundamentals. Of note, the coin's store-of-value property and digital existence are attracting investors. Akker Group, a major Norwegian oil company, and a string of Asian companies, including Meitu, are gravitating towards Bitcoin. They are either committing to build their infrastructure or holding it as part of their inflation-hedging strategies. With confidence from proponents, steady trading volumes, and governments' money printing, the BTC/USD price may edge past $58k to new 2021 highs.
Impact on the BTC price:
Bullish. Analysts reckon that buyers are in control as crypto prices tear higher on institutional demand. The primary beneficiary over the last few months is Bitcoin. Its first-mover advantage, a well-developed base, and deflationary properties remain attractive for investors, sizing up the space, and pouring capital to well-established cryptocurrencies—of which BTC stands out.
More market news over on ourBlog