At 16:00 on March 3rd, BTC rose in the short term, breaking through the $50000 mark, with an intraday increase of 2.72%. According to the weekly cryptocurrency capital inflow report released by coinshares, the total inflow of cryptocurrency products last week was $395 million, and that of bitcoin was $288 million.
Meanwhile, bitcoin miners earned more than $1.36 billion in February, breaking a record high in December 2017, according to the block. Total mining revenue in February increased by 21.4% from $1.12 billion in January. Only a small part of the total revenue in February (186.4 million, or 13.7%) came from transaction costs.
Crypto market continues to maintain a hot market. According to casebitcoin, a chain analysis company, the 10-year CAGR of bitcoin has reached 196.72%.This means that bitcoin investors have almost tripled their investment per year over the past decade in terms of compounding earnings.
According to the data, the number of bitcoin currently in free circulation is about 4 million, which has been declining in the past year. Glassnode said that as more and more institutional investors accept bitcoin as an investment, the supply of bitcoin available for sale and purchase is declining, which could lead to price spikes.
As the market rebounded, fundamental news from institutional investors became active again. MicroStrategy bought $15 million worth of bitcoin again a few days ago. Jurrien Timmer, global macro head of fidelity investment, also expressed the view that under the current economic background, investors may want to start to consider adding bitcoin to their portfolio to better hedge against inflation.
There is no doubt that the popularity of bitcoin has gradually spread. Past demographic studies have shown that cryptocurrency investors are mostly young people and men, but a recent report shows that South Korea's new wave of "cryptocurrency moms" are becoming more and more interested in BTC and counterfeit coins. According to data released by wiseapp, people aged 40-49 are now the main group of Korean crypto investors, and female investors are also buying cryptocurrencies.
Veteran investor Jim Rogers, a former business partner of George Soros, chairman of Soros Fund Management, and co-founder of quantum fund and Soros Fund Management, also said in an earlier interview that he regretted not buying bitcoin years ago.
It is worth mentioning that Citi Bank analysts recently pointed out that there are many risks and obstacles on the way to bitcoin's progress. However, weighing these potential obstacles with opportunities, the conclusion is that bitcoin is at a critical point. Bitcoin may become the preferred currency in international trade in the future, or it will face a "speculative Implosion". Bitcoin's recent performance has been accompanied by the growing enthusiasm of institutional investors in recent years. Instead of the past decade, most of the participation has been dominated by retail investors. However, changes in the macroeconomic environment may also make the demand for bitcoin less urgent. Meanwhile, New York State attorney general Letitia James warned investors on Monday that "you need to be very careful when investing in virtual currencies."
Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
If you like this post then please appreciate and feel free to share your thoughts in comment section.