Bitcoin Regains Some Luster With 15% Rally To $21,700 – Can It Maintain The Shine?
— Rally, Trading, Million, Regains, Week, Markets, Bitcoin, Price, Maintain, Decline, Luster, Shine, Supply, Market, Crypto — 1 min read
Bitcoin (BTC) has increased by more than 14% over the past week, trading at $21,700 at the time of writing. Bitcoin plunged by as much as 69% from its record high in November of last year. Bitcoin’s slump has paused after a quick decline from $32,000 following breakout of a bearish flag. Bitcoin's institutional acceptance is increasing, and more institutions are seeking to add Bitcoin exposure to their balance sheets. The supply of Bitcoin is capped at 21 million coins, but the overall supply is little more than 19 million, with 2 million remaining to be mined. The Federal Reserve is keeping a careful eye on the cryptocurrency industry but is not concerned. The S&P 500 completed its second best week of 2022. Source