Bitcoin breaks through $55,000 for the first time since February 22

Blockchain information published on Bitcoin

Source: Sina Finance

On March 10, Bitcoin rose above $55,000 per coin for the first time since February 22, with a 24-hour increase of more than 5%.

Strategists bullish on $75,000

Evercore ISI strategist Rich Ross noted that technical indicators support Bitcoin's strength and the cryptocurrency's price could reach $75,000.

“We feel like this is primarily driven by risk appetite picking up/down in the market,” said Matt Maley, chief market strategist at Miller Tabak + Co. He noted that the world’s largest cryptocurrency has held up quite well during the recent Nasdaq correction, adding that this could be due to the S&P 500 also holding up quite well.

Despite the recent plunge in tech stocks represented by Tesla (TSLA.US) and ARK flagship fund (ARKK.US), Bitcoin prices are still boosted by news of greater institutional adoption. Cryptocurrency supporters believe that large financial institutions are rushing to enter this market. Another view is that digital currency is a bubble driven by stimulus policies and is destined to burst like its 2017-2018 boom and bust cycle.

Twitter CEO: The proceeds from the first tweet bidding will be converted into Bitcoin and donated to charity

Jack Dorsey is selling his first tweet, which was posted in March 2006, and the bid is rising, Reuters reported. The tweet read, "I'm busy with my Twitter."

It is reported that Dorsey wants to sell the tweet as a "non-fungible token" (NFT token). Currently, someone has bid $2.5 million to buy the tweet on the Valuables by Cent bidding platform. It is understood that the highest bidder will purchase the digital certificate of the tweet.

JPMorgan Chase enters cryptocurrency business and will issue Bitcoin-related products

In a document submitted by JPMorgan Chase (JPM.US) to the U.S. Securities and Exchange Commission (SEC), the company stated that it will issue a structured note related to cryptocurrency.

JPMorgan Chase said that the product will not invest directly in Bitcoin, but in related companies. Among them, 20% of the funds will be invested in Microstrategy (MSTR.US), and about 18% of the funds will be invested in Square (SQ.US). The remaining funds will be invested in companies including Riot Blockchain (RIOT.US), Nvidia (NVDA.US), PayPal (PYPL.US) and AMD (AMD.US).