BTC Hits $50,000 for the First Time in Recent 3 Months
2021-08-23
Microstrategy Bought an Additional 3,907 Bitcoins for a Total of $177 Million
2021-08-25Visa Bought CryptoPunk 7610 for $150,000
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Today’s Cryptocurrency Headline
Visa’s head of crypto, Cuy Sheffield, told The Block that Visa bought CryptoPunk 7610 for about $150,000, The purchase was facilitated by cryptocurrency custodian Anchorage Digital and the NFT was held in custody for Visa, which paid for the purchase in fiat currency. Visa first partnered with Anchorage earlier this year to settle payments on Ethereum in USDC stablecoin.
Bingbon’s Bitcoin Chart
Source: TradingView& Bingbon
After Bitcoin’s price surged past $50,000, the rebound later ran out of power. The price decline was predominantly driven by profit taking, which suggests that retail euphoria hasn’t entered the market as yet. $50,000 is an important psychological victory for Bitcoin, and people will no doubt start talking about when the price will hit another all-time high.
However, one should remain cautiously optimistic about Bitcoin’s success in breaking through the $55,000 heavy resistance zone. Since BTC was not able to close above $51,000 yesterday, the next focus will be on whether it can hold the $48,000 support level. Otherwise, Bitcoin could face a long respite from its decline.