27.01.202113:51 Forex Analysis & Reviews: What could be Bitcoin's new impulse to rise again?

Exchange Rates 27.01.2021 analysis

The cryptocurrency market are expecting new impulses for Bitcoin's further rise. During the previous week, the leading digital currency failed to break through the psychological level of $ 40,000 and today, it is trading at around $ 31,247 mark.

Exchange Rates 27.01.2021 analysis

The next downward impulse of the cryptocurrency does not allow it to reach the level of $ 35,000 again. And although the news background of the crypto world is encouraging, it is clearly not enough to let the popular cryptocurrency to further grow.

The media covering the news of the crypto industry, provide new reports every now and then that some companies, which largely determined the rally of the reference digital currency at the end of 2020, are making small investments in bitcoin. It became known that the largest US universities, such as Harvard and Yale, also invested in the indicated cryptocurrency. Last week, there were reports that the international investment company BlackRock was also interested in cryptocurrencies, allowing the possibility of investing in this coin. At the same time, the Chicago-based Rothschild Investment Corporation decided to further increase its deposits in crypto gold by using the Grayscale fund. According to Coindesk, the volume of investments in bitcoin from this company increased by as much as 24%, amounting to about $1 million.

However, such triggers are not able to push the market upwards. A strong impulse will be the favorable attitude of the new US President and the new White House administration towards both bitcoin and other leading cryptocurrencies. But unfortunately, the new US Treasury Secretary, Janet Yellen, made the most unflattering comments about cryptocurrencies, calling them a means of illegal financing and money laundering. These voice out rhetoric were one of the factors that led to the decline of indicators. Moreover, Yellen's statement that she plans to find a way to limit the use of virtual coins restricts investors to make further decisions.

And although high-ranking officials have no specific actions yet regarding what to do with digital coins, further investment decisions are likely to be put on pause.

It should be recalled that bitcoin's price showed excellent results in the second half of December, when it rose above its all-time high in 2017 – $ 20,042. Since then, the main digital currency has overcome this indicator by more than two times. Another record was set on January 8: its quotes reached the level of $ 41,950, but then it began to gradually decline.

Andreeva Natalya,
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