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The Incredible Rise of the Bitcoin Market

 

February 23, 2021 (Investorideas.com Newswire) Experience has shown us that quarantine is a great opportunity to do things you didn't have time for before: get yourself and your house in order, learn new skills, continue self-development, have fun at the online casino. Isn't it interesting to go to a place where joy and excitement go hand in hand with superb winnings? Where you can immerse yourself in the magic of slot machines and games? The sphere of online casinos and gambling is now particularly relevant because the investment market is experiencing rapid changes.

The market value of Bitcoin exceeded $1 trillion on Friday after a further rise. The price of cryptography has increased by 89% since the beginning of the year.

Bitcoin continues to set new records. During the week, the price of cryptography crossed the symbolic threshold of 50,000 dollars. This Friday, thanks to a new surge in the price, the value of all Bitcoins created since 2009 has exceeded 1,000 billion dollars. The market is mainly boosted by the enthusiasm of some large companies and despite the concerns of regulators. Around 5:40 pm, Bitcoin reached a new historical high at 54,790 dollars, up 5.5% over the session.

With more than 18.6 million Bitcoins created since its launch in 2009 by anonymous companies, the total market represents a potential $1,015 billion, according to Coinmarketcap.com. Since the beginning of the year, the price of bitcoin has risen 89%, a performance that has led some market players to fear that a bubble similar to that of 2017 could burst. On Friday, Elon Musk, whose company Tesla participated in the price increase by announcing that it had bought 1.5 billion dollars in bitcoin, defended his group's decision on Twitter. "When the currency suffers from a negative interest rate, you'd have to be an idiot not to look elsewhere," he argued, adding that "Bitcoin is almost as bad as fiat money, I insist on 'almost'".

Businesses Are Jumping on the Bandwagon

Bitcoin enthusiasts see the decentralized network, created by anonymous individuals in 2008, as a way to protect themselves against the actions of central banks. In recent months, many financial companies have also shown interest in Bitcoin. From the online payment giant Paypal in October to the BlackRock investment fund mastodon at the end of January, via the oldest bank on Wall Street, BNY Mellon, many American financial players have announced that they are preparing to launch services allowing them to buy, sell or use crypto money.

But the insatiable growth of bitcoin is worrying market observers, who believe that with a price that has quintupled in one year, a sharp correction, or even the bursting of a bubble, is likely. "Musk's tweets have changed everything in the last few weeks, we are not dealing with rational purchases," says a crypto money broker who asked to remain anonymous. Central banks, for their part, regularly criticize the cryptomonnages, like the president of the European Central Bank (ECB) Christine Lagarde who described Bitcoin as a "highly speculative asset" in February.

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