Bitcoin is retracing after breaking the record of the all-time high price over the weekend. The price of bitcoin reached $61,781.83 on Saturday.
The parent currency is trending again in financial circles. The price of BTC has more than doubled in the first three months of 2021. Institutional support and some high profile endorsements are to be thanked for this.
Tesla bought bitcoin worth $1.5 Billion this year. MicroStrategy, Square and many other retail companies have also jumped into the crypto arena. Grayscale has stayed ahead in the game by outpacing the mining of BTC with their incessant purchases.
Bitcoin is retracing following the news of the expected ban on the currency in India. The world’s second-biggest country according to the population, has a very matured crypto ecosystem. However, the federal government is sceptical of digital currencies.
Opinion leaders have criticised the move of the Indian government.
India banning bitcoin will be bad for business.
The great people of India deserve the economic prosperity that digital sound money will usher in for them.#IndiaWantsBitcoin
— Pomp 🌪 (@APompliano) March 15, 2021
Another reason for a 6% drop in BTC price is the overheating of future markets. An overwhelming majority of traders were long on the currency when the price started to drop. Eventually, liquidation happened, bringing the price close to $55K.
Pull Backs Are Part of the Game:
The current bull run is one of the greatest in the history of cryptocurrency. However, the constant corrections and pullbacks week after week are stopping traders from becoming overly enthusiastic. Nevertheless, proponents of bitcoin are still hopeful for its future based on past performance.
Fiat money has had decades to scale and still has not reached the billion plus unbanked. #Bitcoin is for anyone anywhere the Internet goes…which is everywhere. It is profoundly more socially scalable.
— Cameron Winklevoss (@cameron) March 14, 2021