Bitcoin's price surged by $10,000 within a month, breaking the $60,000 barrier and peaking at $61,519.57 (≈¥400,000). As of writing, it stabilized at $60,743.04 (≈¥395,000), marking a 24-hour increase of 6.20%, with a $66.65 billion trading volume and a $1.13 trillion market cap.
Key Drivers Behind the Rally
1. U.S. $1.9 Trillion Stimulus Impact
The U.S. relief package has fueled inflation concerns, driving investors toward Bitcoin as a hedge. Huobi Research analyst Xu Tong notes:
"New liquidity injections eased tightening fears, correcting Bitcoin’s earlier overreaction to inflation risks."
President Biden signed the American Rescue Plan on March 12, boosting GDP growth forecasts to 6.5% for 2021 (OECD).
2. Volatility Warnings
Despite upward trends, Bitcoin’s price swings remain extreme. Examples:
- March 12: Prices plummeted $3,000 in 2 hours, triggering $520M in liquidations.
- Regulatory risks: CFTC’s probe into Binance and suspended Chinese exchange accounts spooked markets.
3. Institutional Adoption
- Tesla, Square, and MicroStrategy hold Bitcoin.
- Meitu invested $40M in ETH/BTC.
- Wall Street: Goldman Sachs relaunched crypto trading; JPMorgan launched crypto-linked notes.
Anthony Pompliano (Morgan Creek) predicts:
"Bitcoin could hit $500,000 by 2030 due to global monetary expansion."
Mining Boom Amid Shortages
- Demand: Miners scramble for high-efficiency rigs (e.g., Bitmain’s S19 sold out until August).
- Profitability: Older rigs yield 20x returns as coin prices outpace hash rate growth.
- Market Cap: Canaan Creative’s stock rose 700% in 6 weeks.
FAQs
Q: Is Bitcoin a safe investment now?
A: High volatility and regulatory scrutiny pose risks. Diversify and avoid over-leveraging.
Q: How does the U.S. stimulus affect Bitcoin?
A: Liquidity injections weaken fiat currencies, boosting demand for scarce assets like Bitcoin.
Q: Why are mining rigs sold out?
A: Chip shortages limit production, while rising BTC prices increase mining profitability.
👉 Explore Bitcoin’s latest trends
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