Qume Market Update — 16/02/2021
Welcome to Qume Market Update
Bitcoin crossed the $50k mark on Monday reaching a new all-time high price. This takes the bitcoin this year’s YTD return to 70%. Last week Tesla bought $1.5B worth of bitcoin and this week’s rally is accredited to bullish sentiments fueled by this news.
Though the price had fallen by $3,000 earlier today, the price went up afterward and the asset is currently changing hands at $48,800+ price levels.
Following Tesla, Twitter’s CFO has said that they are evaluating the options to invest in Bitcoin.
This Year’s rally has increased the asymmetry in the wealth distribution of the bitcoin markets, with the ratio of bitcoin’s top 100 wallets to rest is now increasing implying greater accumulation by big investors. However, its implication now has changed from a few months back, as now more institutional money is flowing in the markets this trend was expected. More institutional participation is usually a bullish signal for bitcoin.
Ether is down 3% in the last 24 hours in the futures markets. It reached an all-time high on 13th February and has been bearish ever since.
We expect bitcoin to stabilize soon and find support at $45,000+ price levels this week if no new news breaks out.