Bitcoin has surpassed $ 12,800, hitting a high since July 2019 amid growing support from institutional investors and large companies.
Today’s leap in the rate was mainly due to the announcement of the PayPal payment system to add support for bitcoin and other cryptocurrencies. Quantum Economics analyst Jason Deane believes that reaching this mark is important for Bitcoin, after which it can renew highs and continue to grow.
Institutional investors are helping the development of Bitcoin’s bullish trend. Asset management firm Stone Ridge Holdings Group bought 10,000 BTC last week. Big Bitcoin investors also include Square, MicroStrategy and Stone Ridge. In addition, earlier this month, Twitter founder Jack Dorsey revealed that his payment company Square acquired 4,709 BTC worth $ 50 million. After the news broke, the BTC rate rose to $ 10,935. Interlapse Technologies CEO Wayne Chen commented on the situation, saying that corporate support creates a favorable background for Bitcoin’s growth.
The current technical picture on the bitcoin chart suggests continued growth despite the fact that many futures traders are betting on an early reversal and the beginning of a new bear market.