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Bitcoin Just Below $40K On Profit Booking: 3 Reasons For Upward Trajectory In Cryptos


As we write, global cryptocurrency market capitalization is at US$1.57 trillion, an over 1% gains from the previous day. At 12:16 pm, the bitcoin, the most traded and the highest market cap commanding digital token was trading just below $40K levels at $39,761. Earlier in the day it hit levels of $40000 but now on profit book, the price has come down.

Bitcoin Just Below $40K On Profit Booking: 3 Reasons For Upward Trajectory

The triggers influencing bitcoin prices of late are institutional increasing interest in the crypto.

1. There is news flow that Microstrategy, the analytics firm which offers solutions across verticals is said to be increasing its bitcoin holding:

The firm holds bitcoin as its main reserve asset. Now as per the latest news, Saylor, CEO of the business intelligence firm noted that the Tysons Corner, Va.-based company's latest funding has facilitated the firm to increase its digital holdings to more than 105,000 bitcoin. Further as per Coindesk news there was a report that stated more institutions will begin to have crypto exposure by the year 2023.

2. Speculation of Amazon potential involvement in the cryptocurrency landscape:

Even after Amazon, the US based online marketplace denied reports of it accepting payments in bitcoin, bitcoin prices continued to move higher to a price of $40K.On such gains in the digital asset after quite a long time, there has been a huge outflow in bitcoin, highest in 1-year time.

3. Positive comments on bitcoin and cryptos:

Positive comments on cryptos from influencers like Microstrategy's Saylor, Tesla's Elon Musk along with Ark Management's Cathie Wood have also led gains in the cryptocurrency market. Note on a year to date basis, Bitcoin is up 37% but lower than its all time high of sub $65K.

Other top currencies as per are also up between 1-6% and in fact just at the time of writing this copy on a 24 hour basis, the bitcoin prices have now moved down by 0.59% to $39864.

Read more about: bitcoin cryptocurrency
Story first published: Friday, July 30, 2021, 12:47 [IST]
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