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03.03.202114:16 Forex Analysis & Reviews: How did the price correction strengthen Bitcoin's position?

Exchange Rates 03.03.2021 analysis

It became clear that Bitcoin's growth was not only due to the price correction. Its price sharply declined, which was the result of an overvalued exchange rate. However, a whole group of factors contributed to this, not just the unusual flows of the dynamic investment . Large companies noticed that Bitcoin is moving by the rules of the market and is not as unpredictable of an asset as many assumed.

The price correction strengthened the position of Bitcoin as an independent asset, and companies began to use it. Following Rakuten, another major payment giant, already cooperating with coins, is going to acquire a service for storing crypto assets. PayPal announced buying Curv for $ 500 million, which indicates an increasing demand for cryptocurrencies. In addition, it is fair to note the recent Visa study, which will still have its effect on world-famous financial companies.

Recently, the leading digital asset is showing great results, breaking through the level of $ 51,000. This was supported by positive economic indicators and recent announcements, which increased confidence in the crypto market, as well as expanded the potential circle of retail investors. Therefore, we can expect Bitcoin's price to start reaching new peaks just like other coins. It is very likely that it will approach the $ 70 thousand mark this month.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Artem Petrenko,
Experto Analítico
Grupo InstaForex © 2007-2021
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