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Rising Again: Bitcoin Crosses $40k Mark after Elon Musk Statement, pro-Bitcoin Decisions of Texas State

Bitcoin and Ethereum gain $120 Billion value. MicroStrategy, an American Company, is investing $1 Billion in Bitcoin

ISLAMABAD: Once again Bitcoin has crossed $40,000 mark on June 15, 2021, as Tesla CEO Elon Musk said that his company would start accepting Bitcoin when its 50 percent mining is carried out with green energy.

Similarly, Texas State in America has directed commercial banks to accept and facilitate trading of Bitcoin. These two major developments have given a new lease of life to Bitcoin and other cryptocurrencies that were under selling pressure due to different negative developments.

In last couple of days, Bitcoin has improved its value from $32,500 to $40,000 while Ethereum has surged to above $2,600, from earlier price of about $2,200. Trading board of cryptocurrencies has turned green in the backdrop of Elon Musk’s statement and pro-Bitcoin decisions of Texas States and some mega companies.

In the last couple of days Bitcoin and Ethereum have gained $120 billion dollars value. Market capitalization of Bitcoin has surged to $757 billion on June 15, 2021, from $680 billion two/three days ago.

Meanwhile, Ethereum market cap has increased to $305 billion from $260 billion earlier value. The highest market cap of Bitcoin was $1.1 trillion in May 2021, when Elon Musk and the officials of the United States launched a campaign against mining of the cryptocurrency through coal-based energy particularly in China.

This well-planned campaign ultimately wiped out billions of dollars’ worth market cap of the cryptocurrencies in few weeks and the leading cryptocurrency, Bitcoin fell to around $32,000 from $56,000. Ethereum is the second most important cryptocurrency and its value fell from $4,400 to around $2,200. It was the biggest erosion in value of the cryptocurrencies in 2021.

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In recent days some mega companies have announced huge investment plans in Bitcoin which have improved investors sentiment in the cryptocurrency market. For example, the US-based MicoStrategy company announced $1 billion investment in Bitcoin. CEO of the company Michael Saylor said his firm was selling its shares in the stock market to buy $1 billion Bitcoin.

Company had already purchased Bitcoin and with new investment, it intends to enhance its exposure in the cryptocurrency which is gaining popularity the world over despite negative propaganda and developments.

Furthermore, the Goldman Sachs has announced its strategy of offering future trading to investors in Ethereum. Goldman Sachs, a leading investment bank, has established a desk to facilitate trading in cryptocurrencies. This decision of the investment bank seems to be the outcome of growing demand of cryptocurrencies throughout the world.

It is worth noting that more than 310 leading companies, including Ali Baba and Google, have applied for license from Singapore government to receive payments in Bitcoin. This unexpected development has influenced the American companies such as Goldman Sachs and some others to pace up their efforts to facilitate investment and trading in the cryptocurrencies.

Experts believe that if the US companies ignored Bitcoin and other cryptocurrencies, mega companies based in other countries will attract a large number of investors and traders after getting license from Singapore government.

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