Bitcoin Surges 11% in 24 Hours, Reaches 3-Week High
On March 14, Bitcoin rose more than 11% in the past 24 hours, and its trading price on Tuesday exceeded $24700, recovering all losses on the weekend, hitting a three-week high.
Bitcoin short positions of more than US $100 million were closed yesterday, reaching a two-month high
Analysis based on this information:
Bitcoin, the world’s largest cryptocurrency, saw an impressive price jump of over 11% in just one day, on March 14. This surge was significant considering the market situation since Bitcoin had recently been facing a downtrend. However, the sudden upswing pushed the trading price beyond $24,700, reversing all the losses incurred over the past weekend. This surge led Bitcoin to reach a three-week high in value.
The primary reason for this sudden surge in the Bitcoin market can be attributed to the positive global market sentiment. While the pandemic had affected businesses and economies worldwide, the roll-out of vaccine programs and the gradual reopening of economies have instilled hope in investors. The market sentiment has improved, and as a result, Bitcoin, a high-risk asset, has become more attractive for investors.
Another significant factor contributing to Bitcoin’s rise is the acceptance of cryptocurrencies as a mainstream mode of payment. Big corporations like Tesla, Mastercard, BNY Mellon, and PayPal have invested in Bitcoin and aim to incorporate digital payments as a regular mode. This shift towards cryptocurrencies as a mode of payment is driving the demand and increasing the value of Bitcoin.
Moreover, the credibility and popularity of Bitcoin are being boosted by its decentralized nature, which increases its transaction speed, transparency, and security. With the increasing demand for digital transactions, cryptocurrency industry leaders project Bitcoin to be the most significant and valuable digital currency in the market. Despite the volatility and risks associated with the cryptocurrency market, Bitcoin’s innovative technology and rapidly progressing adoption rate make it a lucrative investment option for those willing to take risks.
In conclusion, Bitcoin’s sudden rise on March 14 has grabbed the attention of the finance world, indicating the growing significance of cryptocurrencies in the fast-changing financial sector. While the pandemic has shaken the global economy, Bitcoin has proven to be resistant to market volatility, opening up new avenues for investments. The rise of Bitcoin also highlights the global shift towards digital payments, making cryptocurrencies an integral part of this transformation.
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/metaverse/7383.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Euroinotrade: A Cryptocurrency Scam Warning from Washington State Department of Financial Institutions
On April 8th, the Washington State Department of Financial Institutions (DFI) issued a consumer protection alert, warning against a so-called cryptocurrency transaction called Euro
-
MASK/KRW Trading Pairs Surpass BTC/KRW in Upbit
On March 17th, it was reported that in Upbit, the volume of MASK/KRW trading pairs exceeded 272.2 billion won in the past 24 hours, once surpassing BTC/KRW, ranking first. Up to now, in the Korean dollar trading pair, MASK trading volume is only second to BTC. MASK KRW trading volume exceeds BTC KRW in Upbit, South Korea Cryptographic Exchange Analysis based on this information:Upbit, the largest cryptocurrency exchange in South Korea, has seen a surge in trading volume for the MASK/KRW trading pairs. According to a report on March 17th, the trading volume of the MASK/KRW pairs surpassed 272.2 billion won, overtaking the BTC/KRW pairs and making it the top traded cryptocurrency in Upbit. This recent rise in the value of the MASK/KRW pairs is quite significant considering that BTC is the most traded cryptocurrency in the world. Bitcoin has been the gold standard for cryptocurrencies since its inception, and its value is often used as a benchmark to compare…
-
Understanding the Basics of Ordinals Finance and SBF in ChatGPT
21:00-7:00 Keywords: ChatGPT, Ordinals Finance, SBF, US Treasury Department
Overnight updates on April 25th at a glance
Ordinals Finance and SBF are two terms that are gaining popu -
What is the use of cex coin (ceg coin)?
What is the use of cex coin? According to official sources, recently some users
-
#Crypto Venture Capital Fund “Variant Fund” Announces Launch of Variant Founder Fellowship Program for Web3 Founders
According to reports, the crypto venture capital fund Variant Fund has announced the launch of its first Variant Founder Fellowship, a new three month queue based accelerator progr
-
Where is Ether stored? (What is the value of Ether?)
Where is Ether stored? According to Cointelegraph, where is Ether (ETH) stored?
-
Meta’s Horizons Worlds Plan: A Potential Threat to Children’s Safety and Privacy
According to reports, on April 14th, dozens of advocacy organizations and child safety experts signed a group letter to Meta CEO Zuckerberg, calling on Meta to end its plan to allo
-
The zkSync Era Main Network Resumes After Blocking Issue
On April 1st, according to the zkSync Era blockchain browser, the zkSync Era main network has now recovered from blocking. Previously, it was reported that the main network of zkSy
-
CAIDP urges FTC to investigate OpenAI’s violation of consumer protection rules
According to reports, the AI and Digital Policy Center (CAIDP), a technology ethics organization focused on artificial intelligence, has filed a complaint with the Federal Trade Co
-
Overview
According to news, A-shares closed at 3251.4 points on the Shanghai Composite Index, down 0.44%, while the Shenzhen Composite Index closed at 11647.94 points, up 0.12%. The Shenzhe