Bitcoin breached the $53,000 price to register a new all-time high of $53,756 and also breached the $1 trillion market cap during the process.
The top cryptocurrency has been on a dream run since the last quarter of 2020 and has added nearly $40k to its price since the bull run began towards the end of October 2020.
The mammoth price rise has been aided with booming mainstream adoption by retail and institutions alike. While the 2017 bull run brought bitcoin the mainstream attention, the current bull run has seen Bitcoin gain widespread mainstream adoption from traditional financial institutions as well as fortune 500 companies.
Bitcoin price is slated to touch the 6-figure mark by the end of this year with price prediction varying from $100,000 to $220,000. Many analysts believe bitcoin is currently in a supercycle rather than just another bull run. The fact that Bitcoin has not only rose by 2.5X it’s 2017 high, unlike earlier the top cryptocurrency has maintained its gains. The previous bull runs came in bursts and lasted anywhere from few weeks to a couple of months, however, the current bull run is already in its 5th month.
In an attempt to protect the Bitcoin ecosystem, OKCoin will remove two BTC hard forks – Bitcoin Cash and Bitcoin SV – and blamed Craig Wright’s recent lawsuit.
The popular crypto exchange OKCoin has made a somewhat controversial decision to delist two Bitcoin forks – Bitcoin Cash (BCH) and Bitcoin SV (BSV). According to the platform’s CEO, the company is doing what’s in the best interest of Bitcoin’s ecosystem while trying to act against Craig Wright’s recent lawsuit urging various websites to remove the BTC whitepaper.
OKCoin Delists BSV and BTC
The exchange announced earlier today that it will suspend trading and altogether remove the two Bitcoin hard forks as of March 1st, 2021. Later on, Hong Fang, the CEO of OKCoin, published a detailed post to shed some light on the decision.
She reasoned that the exchange is frequently exploring which coins it should keep and which it should remove as part of its developing system. However, the BCH and BSV removals come with more “unique history and context.”
The post reads that BTC, as the first-ever cryptocurrency, gave birth to the entire industry. While hard forks are a relatively common occurrence within the ecosystem, Bitcoin Cash and Bitcoin SV carry a special note.
Both emerged several years ago as their respective proponents preferred different scaling paths, and each claimed that they are the “true Bitcoin.” However, Fang believes that crypto investors and the market have made it clear on “what Bitcoin was built for” as BTC’s market cap has reached $1 trillion, while BCH and BSV are valued at 1.5% and 0.5% of the original version.
Anthony Scaramucci predicts Bitcoin price would hit $100,000 in 2021
Scaramucci believes forces of demand and supply will help Bitcoin
Former Goldman Sachs banker and chairman at SkyBridge Capital, Anthony Scaramucci, has predicted that before the end of 2021, Bitcoin price would hit $100,000. This is after previously warning investors of Bitcoin’s notorious volatility.
Scaramucci explained that the demand for Bitcoin has hiked lately. He also revealed that his firm’s investment in Bitcoin is over $500 million.
“We like it,” Scaramucci said in a “Squawk Box” interview. “We have over half a billion dollars in Bitcoin right now. And obviously, our Bitcoin fund started in December. It’s done quite well.”
Scaramucci Bitcoin Price prediction may be right
Bitcoin has already gained 70 percent since the new year began, rocketing to more than $51,000 per unit for the first time on Wednesday. The world’s biggest cryptocurrency also quadrupled last year.
After Tesla announced it has invested USD 1.5bn in bitcoin and expects to start accepting the cryptocurrency as a payment for its electric vehicles in the near future, the bitcoin price went soaring. It went from around USD 39,400 to an all-time high of over USD 48,000 in less than 24 hours.
The price is now up by over 50% in the first six weeks of 2021. Led by Elon Musk, Tesla’s investment is obviously in profit already: depending on the exact day of the purchase, it is likely to be worth over USD 2bn, pointing to a paper profit of over USD 500m. To put that in context, when the electric car-maker made its first-ever annual net profit in 2020, it was just over USD 700m.
Tesla’s move into bitcoin comes on the back of a wave of institutional money invested in the leading cryptocurrency in recent months, plus numerous other companies putting it into their treasury reserves. With the world’s sixth most valuable company also saying it might buy and hold other digital assets “from time to time or long term”, it must be tempting for other major companies to do likewise. Since the Tesla announcement, Twitter finance director Ned Segal has already signalled that his company is considering such a move, while a research note from the Royal Bank of Canada has made a case for why it would benefit Apple.
The prospect of a bluechip invasion into bitcoin has caused much excitement among cryptocurrency investors. But if Tesla does trigger such a goldrush, there will also be some unsettling consequences.