More Bitcoin gains midweek show strength of digital asset

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bitcoin

We reported just yesterday on Bitcoin gains, but we’ve got to do it again.

 

Today, surprisingly, Bitcoin passed the 12K mark with ease. BTC is up an additional 5% today, and 8.5% over this week.

 

Analysts are citing PayPal’s new announcement that its payment platform will start to facilitate cryptocurrency trades.

 

A Cointelegraph piece today by William Suberg calls this event “the flippening” and suggests that Bitcoin is “leaving macro assets behind,” writing under an artist’s rendering of a personified Bitcoin making the sign of cuckoldry, assumedly to fiat losers like the traditional dollar, while also casting a bull’s shadow on the financial wall.

 

“Bitcoin previously demonstrated long-term correlation to the S&P 500 in particular, also forming a close relationship to gold in the months after March’s coronavirus-induced price crash,” Suberg writes. “(Bitcoin’s departure from these trends) will be the ‘biggest story in crypto’ if it continues.”

 

Citing analyst comments, Suberg shows a chart tracking Bitcoin, gold and the S&P 500, with Bitcoin blazing its own trail upward. He also points out that the whales don’t seem to be selling, which demonstrates “clear skies” for Bitcoin to go even higher in the near term.

 

An additional story filed by Connor Blenkinsop also shows institutional buy-in suggesting that “governments know that digital assets are here to stay,” while covering the emergence of a new platform to facilitate this sort of adoption.

 

“A Gibraltar-based company says it is building a digital asset exchange that will be fully compliant with regulations from the United States Securities and Exchange Commission, the Financial Industry Regulatory Authority and the European Union,” Blenkinsop writes. “According to INX, the evolution of blockchain-based currencies and assets is finally beginning to gain steam…”

All of this represents direct enthusiasm that has the potential to make the Bitcoin fan a little giddy. We’ve reported widely on big prognostications about high Bitcoin prices by the end of next year or beyond, but these types of interest may be fodder for more short-term gains.

 

Keep an eye out.

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