Aug 12, 2022 02:55
Bitcoin BTC/USD hit a new month’s high yesterday after BlackRock launched a private trust to give institutional clients in the US direct exposure to bitcoin.
Despite the fact that bitcoin is still about 60% below its all-time high of $69,000, the announcement is a major boost with a majority of investors believing the digital currency already hit bottom and is preparing to take off.
At the time of writing, bitcoin had retraced slightly from yesterday’s high to trade at $23,945.38, which is still 5.7% higher than where it was trading five days ago.
In a blog post published yesterday, BlackRock said:
“Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities.”
To help investors and traders who want to jump onto the bitcoin bandwagon before it takes off, Invezz has created this brief article to help with identifying the best places to buy BTC.
To find out more, please continue reading.
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Bitstamp
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What is Bitcoin?
Bitcoin does not need an introduction since it is the largest cryptocurrency by market cap and also the most popular cryptocurrency worldwide. According to Coinmarketcap its Fully Diluted Market Cap currently stands at $503,281,800,856.
In addition, Bitcoin was the first cryptocurrency to be launched in 2009 by a person or group of people who refer to themselves as Satoshi Nakamoto.
One of the things that make Bitcoin different from the rest of the cryptocurrencies is that it uses a proof-of-work (PoW) consensus mechanism similar to its closest competitor Ethereum, which is currently on the verge of migrating to proof-of-stake (PoS).
Should I buy the BTC today?
Bitcoin could be a good buy today, especially after the BlackRock announcement, which comes at a time when a majority of investors believe it has already found bottom alongside the stock market.
Nevertheless, you should take caution since the crypto market is extremely volatile as witnessed over the past few months when prices have taken a major hit.
Bitcoin price prediction
After staying above $20,000 for the past month now, analysts are confident that Bitcoin is poised to stage a major rally over the coming months.
Currently, all eyes are on the $30,000 price target which the majority believe the digital currency could hit by early September if it maintains the current bull trend.
BTC social media coverage
BlackRock CEO says, "The hits on BlackRock's website were: 3,000 hits on COVID, 3,000 hits on monetary policy, and 600,000 hits on #bitcoin
This tells us #bitcoin has caught the attention and imagination of people"pic.twitter.com/xRV8fhgDnh
— Documenting Bitcoin ?? (@DocumentingBTC)
August 11, 2022The Bitcoin network settled $2 trillion worth of #BTC in July, all time high was $8 trillion last November.
Over the past 12 months, the network settled a sum total of $62 trillion worth of #BTC, that's 3x more than US GDP. pic.twitter.com/2abvnqzWOp
— Pierre Rochard (@BitcoinPierre)
August 11, 2022The post Where to buy bitcoin after BlackRock announces new Bitcoin trust appeared first on Invezz.
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