Bitcoin Price Hits $47K With 20% Increase in 24 Hours - AutoTrading Strategies

Trading News

Read The Latest News & Analysis

Bitcoin Price Hits $47K With 20% Increase in 24 Hours

Bitcoin Price Hits $47K
Share on:

Bitcoin price has hit a new all-time high of $47K on February 9th. The surge of over 20% is the result of Tesla’s $1.5 billion investment in BTC.

The crypto enthusiast billionaire Elon Musk is known for his tweets on cryptocurrencies like bitcoin and dogecoin. He recently put #bitcoin in his Twitter bio. This move brought 5000 USD surge in bitcoin price within hours. Bitcoin pump, this time around, is also fueled by Elon’s company.

Tesla, the well known electric car company, has allocated 7.7% of its cash in BTC. The investment is worth $1.5 billion. Bitcoin went to the moon after the revelation of this investment of Feb. 08th. The currency hit 46,794 on the same day.

What Is Next?

At the time of this writing, Bitcoin’s price is at $47, 018. It has surged by 20.60% in the past 24 hours.

Bitcoin Price
Source: Cointelegraph

Bitcoin price has hit record highs since the start of 2021. Institutional support, surging demands and diminishing supply, and crypto-friendly regulations in different countries have been the reason for bitcoin’s increasing value. However, every increase in value is followed by corrections. It will be the case this time as well.

The increase in bitcoin price brings euphoria in crypto circles. Some seasoned investors are quick to put money in BTC but get disheartened as soon as downward really starts appearing on the chart.

Bitcoin is a volatile currency. It moves positions quickly but not every red candle is a sign of bear market. Furthermore, remember that bitcoin was at $3k in March 2020. It has reached $47K in less than a year. Therefore, a fall of $5-10K is nothing compared to the rise.

We should all take the advice of Binance’s CEO in this scenario:

Recent News

crypto market

GameStop Spikes by 104% on Wednesday

GameStop spikes one more time On Wednesday, the price of $GME stocks surged by 104% The gaming company's shares rose to fame after the Reddit group @WallStreetBets encouraged

crypto market

Square Buys $170 Million Worth of Bitcoin

In the fiscal fourth-quarter report on Tuesday, the American financial services provider  Square Inc revealed that it has bought $170 million worth of bitcoin  In October

crypto market

Bill Gates Is Not a Fan of Bitcoin

In two of his recent interviews, Microsoft Founder Bill Gates has described his neutral position on bitcoin He is not fond of currency and thinks that the world would be better

crypto market

Bitcoin Plunges Below $50K With 12% Cut in Price

Bitcoin plunges below $50,000 after a slid of 12% on Tuesday The record-breaking rally is shattering in the face of 'excessive price' doubts The institutional embrace of

Let's Chat