Bitcoin (BTC) started this week with a downbeat mode, but the token maintains beyond the resistance of $40,000 after retracing from its last week’s peak of $45,661. The world’s leading crypto lost 0.9% of its price to $42,047 early on Monday.
Meanwhile, the developments come after the Bitcoin network’s hashrate touched an ATH over the weekend, hitting 248.11M tera hashes in a second on Saturday. Meanwhile, bullish actions over the previous week had BTC finally overcoming $40K.The crypto stayed beneath this threshold for nearly a month. That was due to global financial squeezes and regulations.
The 2nd largest digital token, Ethereum’ followed Bitcoin’s bullish footsteps despite dropping 2.2% on Monday, exploring the $2,860 level at this publication. Meme coins SHIB and DOGE dropped 0.3% and 1%, respectively.
Recently, JPMorgan Chase & Co projected liquid gold’s ‘fair value’ to be nearly 12% beneath its current price. Nikolaos Panigirtzoglou led the strategists in estimating Bitcoin value at $38K, according to the cryptocurrency being nearly 4-times highly volatile than gold.
Wells Fargo revealed an optimistic report on cryptocurrency last week. Wells Fargo Investment Institute, Wells Fargo Bank’s subsidiary and advisor, asserted that crypto adoption is in its infancy. They compared the crypto market to the late 1990s when the internet saw its adoption surging remarkably.
The bank stated that 13% of Americans dealt with digital coins over the past year. It added the figure is similar to the internet implementation rate in 1995. Analysts also claimed that the cryptocurrency market might hit the hyper-infliction zone soon, foreshadowing a fascinating phase for the marketplace. However, they warned that using history as a guide might see many failing.
Nevertheless, not all US banks support the crypto space. On Friday, BAC (Bank of America) stated that it would not accept crypto, and Bitcoin isn’t a safe harbor. GlobalBlock’s Marcus Sotiriou believes banks will embrace crypto soon as BTC sees increased adoption by institutions and countries globally.
While publishing this blog, Bitcoin traded around $42,233.58, following plunges over the past day. Bulls need to keep it beyond the $40,000 level to prevent further downswings in the near term.
