The bitcoin exchange rate exceeded $12,800, updating the maximum since July 2019, amid growing support from institutional investors and large companies.
Today’s jump in the exchange rate was mainly facilitated by the statement of the PayPal payment system about adding support for bitcoin and other cryptocurrencies. Quantum Economics analyst Jason Deane believes that reaching this mark is important for bitcoin, after which it can update the highs and continue to grow.
The development of the bullish trend of bitcoin is supported by institutional investors. Last week, asset management firm Stone Ridge Holdings Group bought 10,000 BTC. Among the biggest investors in bitcoin are also included Square, MicroStrategy and Stone Ridge. In addition, at the beginning of the month, Twitter founder Jack Dorsey (Jack Dorsey) announced that his payment company Square has acquired 4709 BTC worth $50 million. After the appearance of this news of course BTC rose to $935 10. Wayne Chen, CEO of Interlapse Technologies, commented on the situation, saying that the support of corporations creates a favorable background for the growth of bitcoin.
The current technical picture on the bitcoin chart allows us to assume continued growth despite the fact that many futures traders are betting on an early reversal and the beginning of a new “bear” market.