For the past month, Bitcoin has been unable to jump over the $50K hurdle. The world’s leading cryptocurrency has dipper below $50,000 for the first time in months after breaking its price record in October and then in November. Many believe that another price hike is to follow in the last few days of 2021, but so far, things have been oddly quiet.
That goes double for the US market where there has been no major movement. On the other hand, Bitcoin rose over $49,000 in the past 24 hours which was fueled by a price pump during Asian hours. Ethereum rose over $4,000 as well, and those gains, slight as they might be, might signify a bull run.
A Sudden Market Move
During Asian hours on Tuesday, there was a move on the Asian crypto market that instantly sent Bitcoin’s price up. It first rose over $48,000 before going over $49,000. It’s still rising, currently trading for around $49,300, and experts are optimistic that it can finally regain the $50K level after struggling for weeks.
The gains happened early on Tuesday. For most of 2021, Bitcoin sellers were dominating the Asian market. According to numerous experts, the sell-off caused by China’s ban on the crypto market may end soon. It sent Bitcoin’s price downward a month ago and will probably take it back up.
Hong-Kong crypto lender Babel wrote in a report that Huobi just completed its exit from China last week. The selling pressure appears to be slowing down, after Huobi announced that it will retire all of its existing users in mainland China. The Asian country announced this year that it will ban crypto trading and is taking drastic measures against crypto investors and owners which sent the market in a downward spiral.
The good news is that all technical indicators show that this is only a temporary drop. Bitcoin will still close the year on a positive note, and plenty of exciting things are expected for 2022 and beyond. The so-called illiquidity supply, which describes the total supply of the oldest cryptocurrency held by illiquid entities has been increasing. It dropped early in May this year, so this is the first time an increase has been spotted.
Ex-Twitter CEO Jack Dorsey Says Bitcoin Will Replace the US Dollar
Jack Dorsey, a huge Bitcoin fan and former Twitter CEO, tweeted that Bitcoin will replace the US Dollar. His tweet came as a reply to rapper Cardi B’s question on Twitter if anyone sees crypto replacing traditional currency (USD). Dorsey replied instantly and sent Twitter into a frenzy.
Many Bitcoin investors and fans supported his claims, with one stating that such a move is inevitable. Dorsey, a tech billionaire, is said to invest at least a few thousand US Dollars in Bitcoin every week. He’s been heavily involved with various decentralized projects in the past.
After leaving Twitter a couple of months ago, he’s fully focused on a company called Block that aims to build a Bitcoin mining system for individuals and companies.