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October 5, 2022
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Bitcoin reaches new ATH and market value approaches $ 1 trillion

Bitcoin (BTC) reached yet another historic high on February 19, thus cryptocurrency is turning into a 1 trillion dollar asset.

The Cointelegraph Markets and Tradingview confirmed BTC / USD at $ 52,932 at Bitstamp at the time of writing.

With an average of $ 50,000 in the previous two days, Bitcoin was prepared for additional strengths within the brief period of time.

At around $ 53,600, Bitcoin’s total market capitalization will exceed $ 1 trillion for the first time in its history.

“Is easy. In the outdated world, your money loses value as a result of the devaluation of currencies by governments to finance your war and your welfare state ”, summed up quant analyst PlanB on Friday.

“Within the new world, bitcoin will increase in value as a result of mathematical limits on the financial base at 21M BTC. The new world is consuming the outdated world now. “

Grayscale buys more Bitcoin

Graysacale invested an additional $ 87 million in Bitcoin Belief (GBTC).

Based on information from the on-chain monitoring service Bybt, on February 19 there was a purchase of 1,672 BTC from the main fund of Grayscale, which now incorporates a total of just over $ 34 billion.

With the most recent purchases, Grayscale’s complete belongings under management (AUM) have delivered $ 40 billion for the first time. After Bitcoin is the agency’s Ethereum Belief, which incorporates virtually $ 6 billion in ETH.

“AUM has doubled since 01/01/2021,” CEO Michael Sonnenshein confirmed on Twitter this week.

Grayscale’s Bitcoin purchases have cooled in the current weeks, no longer corresponding to the dimensions or frequency seen initially from the 12 months. At the same time, Ether’s purchases reappeared in February, after a two-month hiatus.

MicroStrategy, which already has more than 70,000 BTC, confirmed this week that it will buy an additional $ 900 million in BTC.

Feedback from BlackRock, the world’s largest asset supervisor, with an AUM of around $ 7 trillion, is also flirting with Bitcoin.

“In fact, it’s about recognizing the advantages of owning Bitcoin with pride. There is definitely an angle of diversification ”, said Sonnenshein to CNN earlier this month.

Source: TechnicalRipon

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