Eighth Straight Day of Gains Means Bitcoin is Back!

Bitcoin is Back Baby! The world’s number one cryptocurrency celebrated an eighth consecutive day of gains, heading towards its longest winning streak in 2021...

Eighth Straight Day of Gains Means Bitcoin is Back!

10.11.2021
Eighth Straight Day of Gains Means Bitcoin is Back!

Bitcoin is Back Baby! The world’s number one cryptocurrency celebrated an eighth consecutive day of gains, heading towards its longest winning streak in 2021.

Yet another day of gains saw the granddaddy of digital currencies surpass the key $40,000 mark for the first time in over a month.

a fraught two-month period that saw Bitcoin stay firmly rangebound between $30,000 and $40,000, the bulls have taken over and Bitcoin is on the rise once again..

What makes this key period of gains so important is the context. There is not a single catalyst or event that is noticeably pushing Bitcoin prices up. In fact, there is plenty to push the price down including Amazon’s denial that it is to start accepting crypto payments this year.

The latest negative piece of news that should be pushing Bitcoin’s price down is lawmaker Senator Elizabeth Warren telling CNBC she’s skeptical bitcoin will prove to be a reliable hedge against inflation over time. Warren called for cryptocurrencies to face tighter regulation, suggesting it will help root out “snake oil salesmen” and may shore up the confidence of investors in the nascent asset class.

Despite her harsh words, Bitcoin investors shrugged their shoulders and continued to pile into Bitcoin. Why? Well, for a start despite Amazon’s denial, the eCommerce giant’s hire of a blockchain and crypto expert is a sign of intent, Sure, there may be no movement from Amazon in crypto this year, but many commentators are not ruling out an Amazon in the crypto space story in 2022.

What Bitcoin has shown over the last few months is resilience. The sort of resilience that points towards a long and healthy future. After Bitcoin more than halved from its $64,000 atm (all-time- high) hit in April, and China launched a massive crackdown on crypto, there was no shortage of people writing Bitcoin off, even predicting a price crash to below $10,000.

However, despite everything, despite the naysayers, Bitcoin looks like coming through a challenging period and extending gains beyond the $40,000 mark. Could we see a rise past $64,000 this year? Absolutely. Bitcoin’s resilience is stronger than ever before.

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