The largest digital coin price bounced back to $50K this week as investors took advantage of the recent price collapse that pulled the largest digital coin to around $43K last week. The latest sell-off was mostly blamed on investor’s profit-taking strategy instead of any change in fundamental factors. Indeed, Bitcoin’s fundamentals have been improving day over day amid increasing Bitcoin trading volumes, custody offering, research, and prime brokerage. The price of BTC is up 67% year to date on improving outlook, but that’s not the end of the bull-run.
Bitcoin to see solid gains if accepted as a valid form for international trade payment
The digital asset’s immunity from economic downturns and monetary policy adjustments would play a big role in identifying it as the best choice for international trade, according to a 100-page report headed by Citi’s Sandy Kaul. Bitcoin’s price has the potential to boom in the days ahead if the market participants see hints of Bitcoin adopting for international trade. The report also highlighted the significance of institutional investments and crypto adoption from major banks, which were previously opposing the innovation of cryptocurrencies. JPMorgan Chase strategists, including Joyce Chang and Amy Ho, have recently suggested clients allocate 1% of portfolio weighting to Bitcoin. At the time of writing, Bitcoin is currently up 2.4% in the last 24 hours (up 5.44% in the last 7 days) and is being traded at $48,860, according to Coinmarketcap.
