The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Tesla will be sold for bitcoins
The BTC skyrocketed to $50 000 but dropped just below this level as investors started closing orders to take profit. The total crypto market cap has surpassed $1.5 trillion. That rally was triggered by a seismic shift in investors’ attitude.
Why is it important?
More and more big players such as large corporations and Wall Street fund managers changed their minds towards digital assets and started taking them seriously. Here are few examples.
- Tesla’s Elon Musk invested $1.5 billion in bitcoin and pledged to soon accept payments in the BTC.
- MasterCard uncovered its plans to let its customers “move digital value — traditional or crypto — however, they want”.
- Bitcoin wallet BitPay's users in the US can now add their BitPay card to Apple Wallet. Apple Pay will allow paying in the bitcoin in stores and apps.
- PayPal has already offered users in the US to buy, sell and hold cryptocurrencies directly through its system.
- According to Bloomberg, Morgan Stanley is also weighing a bet on bitcoin.
Moreover, these companies are going to benefit from their appeal to cryptocurrencies. For example, PayPal has already surged by nearly 40% since it announced payments in crypto. Apple should be the next one to gain. One by one, big companies will join the crypto world.
No doubt that cryptocurrencies will rally further up, and the king bitcoin especially. Now BTC/USD takes a breath, but in the upcoming week, it has all chances to surpass the $50 000 threshold.
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The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
The market sentiment is risk-off. Stocks are falling, while the safe-haven US dollar is edging higher. Meanwhile, oil advanced after the OPEC meeting.
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).